Market Still In Consolidation Until BankNifty Breaks Out Of 26700 By Closing
Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted that market would consolidate until BankNifty closes above 26681 and exactly same happened. Indian Stock Market moved sharply positive after a gap-up opening. Market saw strong resistance near EquityPandit’s predicted resistance levels of 10880 for Nifty and 35888 for Sensex. Finally, Indian Stock Market saw profit booking from its resistance and managed to close marginally positive for the day.
Today: Indian Stock Market would open negative. Technically, Nifty is still in positive zone whereas BankNifty is in negative zone. BankNifty would enter into positive zone once it closes above 26681 whereas Nifty would enter into negative zone if it closes below 10775. Now all eyes are on BankNifty. Nifty is already bullish but BankNifty can make or break the whole Indian Stock Market. BankNifty is still consolidating between 26600 and 26700. Once BankNifty manages to close above 26700, market as a whole would see bullish movement but in case if it closes below 26600, we would again see some bearish movement in Indian Stock Market and Nifty would also follow the bearish path. So, traders should wait for BankNifty to make a decisive move for the next profitable trade.
FIIs were net sellers of Rs.70.77 crores whereas DIIs were net buyers of Rs.486.78 crores in cash market for last trading session. Nifty would see strong support at 10800-10775-10722-10700 whereas strong resistance would be seen 10906-10975-11000 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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Stocks In F&O Ban Period: BALRAMCHIN, DHFL, JETAIRWAYS and JUSTDIAL.
NSE Nifty: (10857) The support for the Nifty is 10800-10775-10722-10700 and the resistance to the up move is at 10906-10975-11000 levels.
NSE BankNifty: (26643) The support for BankNifty is at 26600-26518-26320-26280 and the resistance to the up move is at 26715-26800-26890-27074 levels.
BSE Sensex: (35739) The support for the Sensex is at 35670-35585-35540-35500 and the resistance to the up move is at 35880-35970-36067-36110 levels.
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