Market To Consolidate, Hold Long Until BankNifty Holds Above 27026
Last Trading Session: Indian Stock Market opened gap positive exactly as predicted by EquityPandit. EquityPandit predicted that Market would see positive rally and traders can continue to hold long positions until Nifty holds above 10628 and exactly same happened. Indian Stock Market moved sharply positive and saw highs right near EquityPandit’s predicted resistance levels of 36070. Market saw some profit booking at higher levels but finally managed to close positive for the day.
Today: Indian Stock Market would open flat. Technically, Nifty is still in negative zone whereas BankNifty is in positive zone. Nifty would enter into positive zone once it manages to close above 10817. Overall, market would consolidate in a rangebound region. Fresh breakout would be seen in BankNifty only if it closes above 27500 levels and until then market would continue to consolidate. Outcome of US-China trade talk would decided further direction of the market across the globe. Traders can continue to hold long positions until Nifty holds above 10628 and BankNifty holds above 27026 on closing basis. Traders should initiate fresh short positions until below these levels but until then hold long positions.
FIIs were net buyers of Rs.736.18 crores whereas DIIs were net buyers of Rs.141.97 crores in cash market for last trading session. Nifty would see strong support at 10722-10700-10675-10628-10600 whereas strong resistance would be seen 10803-10820-10860-10880 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: (10772) The support for the Nifty is 10722-10700-10675-10628-10600 and the resistance to the up move is at 10803-10820-10860-10880 levels.
NSE BankNifty: (27305) The support for BankNifty is at 27172-27026-26988-26865 and the resistance to the up move is at 27380-27456-27500-27600 levels.
BSE Sensex: (35850) The support for the Sensex is at 35774-35670-35585-35540-35500 and the resistance to the up move is at 35970-36067-36290-36465 levels.
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