Market To Consolidate Until Nifty Closes Above 10591, Bullish Above 10591
Last Trading Session: Indian Stock Market opened gap negative exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see sharp downfall and exactly same happened. Indian Stock Market moved sharply negative after gap negative opening. Indian Stock Market saw wild swing between EquityPandit’s predicted support and resistance levels of 10300 and 10557 levels for Nifty. Finally, Indian Stock Market managed to recover sharply and closed positive for the day.
Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in negative zone. Indian Stock Market would enter into positive zone once it closes above 10591 for Nifty and 26300 for BankNifty but until then market would consolidate in a range bound region. If Market managed to close above EquityPandit’s predicted reversal levels then it would see sharp positive movement. Overall, broader view of the market is bearish and would see some sharp downfall in upcoming months but short term view is neutral and we could see some bounce if it manages to close above EquityPandit’s predicted reversal levels. 10500 is an immediate support for Nifty and market would see positive movement towards 10600-10640 as long as 10500 holds for Nifty on spot basis.
FIIs were net sellers of Rs.2421.06 crores whereas DIIs were net buyers of Rs.2255.68 crores in cash market for last trading session. Nifty would see strong support at 10500-10438-10400-10380 whereas strong resistance would be seen 10590-10632-10662-10705 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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NSE Nifty: (10549) The support for the Nifty is 10500-10438-10400-10380 and the resistance to the up move is at 10590-10632-10662-10705 levels.
NSE BankNifty: (26163) The support for BankNifty is at 26078-26000-25906-25840 and the resistance to the up move is at 26340-26380-26438-26518 levels.
BSE Sensex: (35150) The support for the Sensex is at 35070-35000-34970-34850 and the resistance to the up move is at 35380-35440-35585-35645 levels.
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