Positive Breakout Seen From Triangle, Bullishness To Confirm If BankNifty Closes Above 30149
Last Trading Session: Indian Stock Market opened flat as predicted. EquityPandit predicted that market would be bearish only if it closes below 11580 but until then it would continue to consolidate and same happened. Indian Stock Market moved negative and saw lows right at our support of 11580 for Nifty like a dot. Finally, Indian Stock Market recovered from day lows and managed to close positive for the day.
Today: Indian Stock Market would open flat. Technically, analysis would still remain same. Nifty is still in positive zone whereas BankNifty is still in negative zone. Nifty would enter into negative zone once it closes below 11580 whereas BankNifty would enter into positive zone once it closes above 30149 levels. Market has taken positive breakout from the triangle and once BankNifty closes above 30149, we would see sharp positive rally in the market and we may move towards new highs but until either of two breaches the levels, market would continue to consolidate. Traders should consider these levels before taking any trading decision.
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FIIs were net buyers of Rs.897.45 crores whereas DIIs were net sellers of Rs.15.99 crores in cash market for last trading session. Nifty would see strong support at 11600-11570-11548-11520 whereas strong resistance would be seen 11682-11700-11730 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Important Results To Be Declared Today: Network 18 Media, Tata Metaliks and TV18 Broadcast.
Stocks In F&O Ban Period: DHFL, DLF, IDBI, JETAIRWAYS, RPOWER and WOCKPHARMA.
NSE Nifty: (11643) The support for the Nifty is 11600-11570-11548-11520 and the resistance to the up move is at 11682-11700-11730 levels.
NSE BankNifty: (29939) The support for BankNifty is at 29860-29800-29721-29650 and the resistance to the up move is at 30027-30075-30150-30270 levels.
BSE Sensex: (38767) The support for the Sensex is at 38660-38550-38445-38340 and the resistance to the up move is at 38800-38950-39075-39140 levels.
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