Market In Positive Trend Until BankNifty Holds 19166 Levels By Closing
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market is still in Positive zone but would consolidate in rangebound region due to F&O Expiry approaching and exactly same happened. Indian Stock Market saw sharp downfall but recovered from day lows and closed near its Intraday highs. Finally, Indian Stock Market closed flat with positive bias.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is in positive trend. Analysis would still remain same. Market would move further positive and 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. Overall Market is still positive and traders can buy at dips with strict stoploss at EquityPandit’s predicted support levels. Huge volatility is expected in a rangebound region as market is near F&O Expiry.
FIIs were net sellers of Rs.0.19 crores whereas DIIs were net sellers of Rs.451.87 crores in cash market for last trading session. Nifty would see strong support at 8580-8550-8530-8500 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.
Click Here to Check the Trend Of Major Indices and Stocks
NSE Nifty: (8633) The support for the Nifty is 8580-8550-8530-8500 and the resistance to the up move is at 8685-8707-8741-8775 levels.
NSE BankNifty: (19342) 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: (27990) 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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