Market In Positive Momentum And Expected To See Further Positive Rally
Last Trading Session: Indian Stock Market opened flat with positive bias for the day. EquityPandit predicted that Nifty has entered into negative zone but BankNifty is outperforming and is still in positive zone. EquityPandit also predicted that traders can do intraday trading but should not take any short positions home until BankNifty closes below 25320 levels and exactly same happened. Indian Stock Market was not able to breach levels of 10600 for Nifty and 25320 for BankNifty and saw a sharp short covering rally from there. Nifty managed to close just below EquityPandit’s predicted resistance levels of 10718 like a dot. BankNifty also closed below EquityPandit’s predicted resistance levels of 25862. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open positive. Technically, Nifty is still in negative zone whereas BankNifty is in positive zone. Nifty would enter into positive zone once it closes above 10737. Nifty was not able to breach EquityPandit’s predicted support levels of 10600 and recovered very smartly that shows that bulls have taken over the market and we would see further positive movement in the market for now. Traders can continue to hold long positions in BankNifty for now. Overall, market is in positive momentum and traders can go long at dips. Also watch levels of 10737 to be breached for Nifty by closing for confirmation of bullish trend.
FIIs were net sellers of Rs.635.24 crores whereas DIIs were net buyers of Rs.1037.23 crores in cash market for last trading session. Nifty would see strong support at 10700-10675-10645-10600 whereas strong resistance would be seen 10785-10803-10840-10880 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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NSE Nifty: (10716) The support for the Nifty is 10700-10675-10645-10600 and the resistance to the up move is at 10785-10803-10840-10880 levels.
NSE BankNifty: (25852) The support for BankNifty is at 25800-25665-25598-25500 and the resistance to the up move is at 25920-26070-26130-26270 levels.
BSE Sensex: (35208) The support for the Sensex is at 35070-35000-34970-34850 and the resistance to the up move is at 35270-35380-35440-35507 levels.
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