Market To trade With Negative Bias Until BankNifty Closes Above 26498
Last Trading Session: Indian Stock Market opened flat for the day as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would consolidate until BankNifty closes above 26500 levels or Nifty closes below 10566. EquityPandit also predicted that BankNifty is in negative trend whereas Nifty is in positive trend and exactly same happened. Indian Stock Market moved positive and saw highs right near EquityPandit’s predicted levels of 35440 for Sensex like a dot. BankNifty moved negative in the later half of trading session as predicted by EquityPandit. Finally, Indian Stock Market closed positive right below EquityPandit’s predicted resistance levels of 10705 for Nifty. BankNifty closed marginally negative for the day.
Today: Indian Stock Market would open flat with negative bias. Technically, nothing has changed and analysis would remain same. Nifty is still in positive zone but BankNifty is in negative zone. BankNifty would enter into positive zone once it closes above 26498 whereas Nifty would enter into negative zone if it closes below 10566 and until then market would remain directionless and would continue to consolidate. Traders should wait for confirmation and follow EquityPandit’s reversal levels to trade with the trend. Overall, market is negatively biased, so traders should not initiate fresh long positions until BankNifty closes above 26498 levels. Though Nifty is in positive zone but it would also see profit booking until it closes above 10700 spot levels and traders can also short Nifty at every positive movement until it closes above 10700.
FIIs were net sellers of Rs.1043.31 crores whereas DIIs were net buyers of Rs.278.84 crores in cash market for last trading session. Nifty would see strong support at 10618-10600-10550 whereas strong resistance would be seen 10705-10735-10780 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: (10700) The support for the Nifty is 10618-10600-10550 and the resistance to the up move is at 10705-10735-10780 levels.
NSE BankNifty: (26204) The support for BankNifty is at 26180-26100-26078-26000 and the resistance to the up move is at 26325-26380-26450-26518 levels.
BSE Sensex: (35379) The support for the Sensex is at 35165-35070-35000-34970-34850 and the resistance to the up move is at 35440-35507-35660 levels.
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