Market Consolidating, Buy At Dips, Breakout expected if BankNifty Closes Above 19070
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that Market is in positive zone but would see immediate resistance at 19070 for BankNifty. EquityPandit predicted that market would see breakout only if BankNifty closes above 19070 levels and exactly same happened. Market opened positive and saw some correction but Nifty saw lows right at EquityPandit’s predicted support levels of 8600 like a dot. Sensex also saw strong support near EquityPandit’s predicted support levels of 27950 like a dot. BankNifty saw positive movement but witnessed strong resistance right at EquityPandit’s predicted resistance levels of 19070 like a dot. Finally, Indian Stock Market closed flat for the day just above EquityPandit’s predicted support levels of 28060 for Sensex and 8638 for Nifty.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market entered into positive trend. Market is still in consolidation phase and would see sharp breakout once BankNifty closes above 19070 levels. If BankNifty manages to close above 19070, then the next target would be 19300-19500-20000 levels in days to come. Some sharp correction would be seen but traders should buy at dips and sell at positive rally near resistance levels. Once BankNifty breaches levels of 19070 by closing then traders can go long with full quantity and enjoy huge profits.
FIIs were net buyers of Rs.684.73 crores whereas DIIs were net sellers of Rs.108.98 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.
Click Here to Check the Trend Of Major Indices and Stocks
NSE Nifty: (8643) 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: (19002) 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: (28065) 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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