Market To See Sideways Movement Until BankNifty Closes Above 26596
Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit also predicted that traders can continue to hold short positions until market holds below 10707 for Nifty and 26596 levels for BankNifty. EquityPandit also predicted that market would see sharp short covering and exactly same happened. Nifty moved sharply positive and saw strong resistance right below EquityPandit’s predicted resistance levels of 10735. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open flat. Technically, Nifty has entered into positive zone again but BankNifty is still in negative zone. Strong comeback for the bulls suggest that market would further see consolidation in the range of 10600-10800 for Nifty. BankNifty needs to close above 26596 to confirm the positive trend in overall Indian Stock Market but until then market would continue to consolidate in a range and would see sideways movement.
FIIs were net sellers of Rs.157.15 crores whereas DIIs were net buyers of Rs.2262.83 crores in cash market for last trading session. Nifty would see strong support at 10675-10645-10618-10600 whereas strong resistance would be seen 10750-10780-10805-10824 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
Stocks In F&O Ban Period: NIL.
NSE Nifty: (10714) The support for the Nifty is 10550-10495-10420 and the resistance to the up move is at 10635-10680-10705-10735 levels.
NSE BankNifty: (26364) The support for BankNifty is at 26290-26180-26100-26078 and the resistance to the up move is at 26450-26518-26580-26635 levels.
BSE Sensex: (35423) 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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