Event-Packed Week, Market To Consolidate Until BankNifty Closes Above 26681
Last Trading Session: Indian Stock Market opened gap negative exactly as predicted by EquityPandit. EquityPandit predicted that BankNifty is still in negative zone and sharp profit booking would be seen until BankNifty closes above 26681 levels and exactly same happened. Market opened gap negative and fell down sharply on profit booking as predicted by EquityPandit. Finally, market recovered and closed flat with marginal negative for the day.
Today: Indian Stock Market would open positive. Technically, Nifty is still in positive zone whereas BankNifty is in negative zone. Both Nifty and BankNifty needs to enter into same trend either positive or negative trend for a defined direction. BankNifty would enter into positive zone only if it closes above 26681 whereas Nifty would enter into negative zone if it closes below 10658 levels. Once either of these two happens, trader can trade in that direction but until then market would consolidate and traders should remain cautious. This week is full of global and local events that would affect Indian Stock Market direction. On Global front, US President Donald Trump would meet North Korean Leader Kim Jong Un on Tuesday, US FED would end two days meeting for decision of Interest rates on Wednesday, China to release its May data for IIP, retail sales and fixed asset investment on Thursday, US would also declare Inflation, retail sales, IIP and consumer sentiment on same day. Indian macroeconomic data would also be disclosed this week. Government would announce IIP numbers on Tuesday and WPI Inflation on Thursday. So traders should remain cautious and trade as per the reversal levels predicted by EquityPandit.
FIIs were net sellers of Rs.222.50 crores whereas DIIs were net buyers of Rs.459.44 crores in cash market for last trading session. Nifty would see strong support at 10722-10700-10675-10645 whereas strong resistance would be seen 10803-10820-10840-10880 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: (10768) The support for the Nifty is 10722-10700-10675-10645 and the resistance to the up move is at 10803-10820-10840-10880 levels.
NSE BankNifty: (26451) The support for BankNifty is at 26320-26280-26180-26100 and the resistance to the up move is at 26518-26660-26715-26800-26890 levels.
BSE Sensex: (35444) The support for the Sensex is at 35260-35200-35130-35070 and the resistance to the up move is at 35580-35660-35738-35888 levels.
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