Market To See Sideways Movement Until BankNifty Closes Out Of 26806-27165 Range
Last Trading Session: Indian Stock Market opened positive exactly as predicted. EquityPandit predicted that Indian Stock Market would consolidate until BankNifty breaches 27165 levels and exactly same happened. Indian Stock Market opened positive but was not able to breach levels of 27165 for BankNifty and hence saw profit booking from there. Nifty saw lows right at EquityPandit’s predicted support levels of 11000 like a dot. Finally, Indian Stock Market managed to close flat with marginally negative for the day.
Today: Indian Stock Market would open flat. Technically, analysis would remain same and Indian Stock Market is still in positive zone. Market would be considered positive until it holds above 10947 for Nifty and 26806 levels for BankNifty. Traders can continue to hold long positions until these levels holds on closing basis. Traders can initiate fresh short positions only if market closes below 10947 for Nifty and 26806 levels for BankNifty. BankNifty needs to close above 27165 levels to confirm a positive breakout and until then market would continue to consolidate and see sideways movement. Some profit booking would also be seen in the market at higher levels.
FIIs were net sellers of Rs.1104.65 crores whereas DIIs were net buyers of Rs.872 crores in cash market for last trading session. Nifty would see strong support at 11000-10980-10947-10921 whereas strong resistance would be seen 11080-11139-11175-11200 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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Important Q1 results to be disclose today: Hindustan Unilever Ltd.
Stocks In F&O Ban Period: JETAIRWAYS.
NSE Nifty: (11019) The support for the Nifty is 11000-10980-10947-10921 and the resistance to the up move is at 11080-11139-11175-11200 levels.
NSE BankNifty: (26936) The support for BankNifty is at 26865-26800-26685 and the resistance to the up move is at 27075-27165-27240-27380-27470 levels.
BSE Sensex: (36542) The support for the Sensex is at 36480-36320-36214-36100 and the resistance to the up move is at 36700-36780-36880 levels.
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