Market Would Consolidate For Now And Would See Sideways Movement
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market is still bullish and traders can go long at every dip in the market. Indian Stock Market moved sharply positive for the day, took a dip and again recovered to day highs. Market saw highs right at EquityPandit’s predicted resistance levels of 38747 for Sensex and 30500 for BankNifty like a dot. Traders, who followed Equitypandit advice might have earned huge profits for the day. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is sill in positive zone. Market has formed HAMMER type candlestick pattern in Nifty and BankNifty and DOJI pattern in Sensex. Both these candlestick pattern are indecisive pattern and suggest that reversal may be on the cards. These pattern could be negated only if market trades decisively above 11631 for Nifty, 38750 for Sensex and 30500 for BankNifty. If Market trades continuously above these levels for sometime then we would see further positive rally in the market but until then we could see some consolidation along with some sideways movement in the market.
FIIs were net sellers of Rs.86.21 crores whereas DIIs were net buyers of Rs.1724.39 crores in cash market for last trading session. Nifty would see strong support at 11570-11498-11450-11408 whereas strong resistance would be seen 11630-11700-11760-11800 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: ADANIPOWER, IDBI and RPOWER.
NSE Nifty: (11624) The support for the Nifty is 11570-11498-11450-11408 and the resistance to the up move is at 11630-11700-11760-11800 levels.
NSE BankNifty: (30427) The support for BankNifty is at 30360-30274-30168-30083 and the resistance to the up move is at 30500-30660-30740-30800 levels.
BSE Sensex: (38673) The support for the Sensex is at 38540-38445-38340-38265-38227 and the resistance to the up move is at 38700-38747-38800-38950 levels.
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