Market Would Consolidate Until Nifty Breaks Out Of 11649-11760 Range By Closing
Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that market is still in positive zone and reversal would only be seen in it closes below 11649 for Nifty and 27979 for BankNifty. Indian Stock Market moved positive but was not able to sustain higher levels and fell down sharply. Sensex saw lows right at EquityPandit’s predicted support levels of 38580 like a dot. Finally, Indian Stock Market closed marginally negative for the day.
Today: Indian Stock Market would open negative. Technically, analysis would remain same and Indian Stock Market is still in positive zone. Reversal would be seen only if market closes below 11649 for Nifty and 27979 for BankNifty. Market would consolidate and would see sideways movement until then. US Market fell down sharply after a report said that Trump to back tariffs on $200 billion in Chinese goods. Asian market also under the pressure following the news of Trump supporting the Trade war with China. Traders should close all long positions and initiate fresh short positions IF market closes below 11649 levels for Nifty and 27979 for BankNifty. Positive momentum would emerge ONLY IF Nifty breaches 11760.
FIIs were net buyers of Rs.958.01 crores whereas DIIs were net sellers of Rs.1598.67 crores in cash market for last trading session. Nifty would see strong support at 11678-11648-11600 whereas strong resistance would be seen 11700-11760-11800 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: NIL.
NSE Nifty: (11677) The support for the Nifty is 11648-11600 and the resistance to the up move is at 11700-11760-11800 levels.
NSE BankNifty: (28103) The support for BankNifty is at 28070-28000-27940-27840-27760 and the resistance to the up move is at 28275-28378-28500-28540 levels.
BSE Sensex: (38690) The support for the Sensex is at 38640-38580-38500 and the resistance to the up move is at 38802-38940-39000-39075 levels.
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