Hold Long Positions In BankNifty Until It Holds 19166 by Closing
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias for the day. EquityPandit predicted that Indian Stock Market Would see some positive movement but since we are in F&O Expiry week, market would see some consolidation as of now and exactly same happened. Indian Stock Market moved sharply positive but was not able to hold higher levels and fell down from there. BankNifty saw highs right near EquityPandit’s predicted support levels of 19500 levels near EquityPandit’s predicted targets of BankNifty. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is in positive trend. Now BankNifty needs to hold 19211 levels on Intraday basis and 19166 on closing basis. If BankNifty closes below 19166 levels then a sharp breakdown would be seen in the market. Until then traders can hold long positions in BankNifty. Nifty would enter into negative zone if it closes below 8597 levels. Traders are suggested to hold long positions until EquityPandit’s predicted changeover levels hold by the closing. If Nifty and BankNifty breaches those levels by closing, traders can initiate fresh short positions and wait for market to see a breakdown. Huge volatility is expected in a rangebound region as market is near F&O Expiry.
FIIs were net sellers of Rs.300.5 crores whereas DIIs were net buyers of Rs.52.5 crores in cash market for last trading session. Nifty would see strong support at 8597-8550-8530-8500 whereas strong resistance would be seen at 8685-8707-8741-8775 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 Results To Be Disclosed Today: Aurobindo Pharma, Engineers India, Gillette India, Jai Corp and Tata Power Company.
NSE Nifty: (8629) The support for the Nifty is 8597-8550-8530-8500 and the resistance to the up move is at 8685-8707-8741-8775 levels.
NSE BankNifty: (19330) The support for BankNifty is at 19211-19166-19080-19950-18825 and the resistance to the up move is at 19500-19660-19800-20000 levels.
BSE Sensex: (27986) The support for the Sensex is at 27950-27870-27736 and the resistance to the up move is at 28180-28294-28340-28500 levels.
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