Market Entered Positive Trend, Breakout Expected If BankNifty Closes Above 19070
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market would see further positive bounce but Important results like SBI would decided the further market direction and exactly same happened. Market moved sharply positive as SBI results met Analysts expectation. Fortunately, Indian Stock Market entered into positive zone and managed to close in positive trend. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market entered into positive trend. Now traders can close all short positions and enter into long positions. BankNifty if closes above 19070, it would see sharp breakout and can even see 19500-20000 levels. Traders can initiate long positions and wait for market to breach the immediate resistance of 19070 on closing basis. Once it breaches those levels, traders can increase their long positions as this would be the best opportunity in the market to earn huge profits after long consolidation.
FIIs were net buyers of Rs.1203.71 crores whereas DIIs were net sellers of Rs.392.47 crores in cash market for last trading session. Nifty would see strong support at 8638-8600-8550-8530 whereas strong resistance would be seen at 8707-8741-8775-8800 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Q1 Results To Be Disclosed Today: Justdial and Power Grid Corporation.
NSE Nifty: (8672) The support for the Nifty is 8638-8600-8550-8530 and the resistance to the up move is at 8707-8741-8775-8800 levels.
NSE BankNifty: (18964) The support for BankNifty is at 18825-18610-18533-18400-18218 and the resistance to the up move is at 19070-19160-19300-19500 levels.
BSE Sensex: (28152) The support for the Sensex is at 28060-27950-27870-27736 and the resistance to the up move is at 28294-28340-28500 levels.
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