Market To Consolidate But Go Long If BankNifty Closes Above 30149
Last Trading Session: Indian Stock Market opened flat as predicted. EquityPandit predicted that market has taken positive breakout from the Triangle and the bullishness would be confirmed if BankNifty closes above 30149. Market moved sharply positive as predicted but BankNifty was not able to hold EquityPandit’s resistance levels 30150 for BankNifty and 11700 for Nifty. Nifty made highs right at yesterday’s predicted resistance levels of 11700 like a dot. Finally, Indian Stock Market managed to close positive but below EquityPandit’s predicted reversal levels for BankNifty.
Today: Indian Stock Market would open flat. Technically, BankNifty is still in negative zone whereas Nifty is in positive zone. BankNifty would enter into positive zone once it closes above 30149 spot levels. Market may see some profit booking and would recover again from EquityPandit’s predicted support levels. Market is expected to see support at 11626-11600 levels for Nifty. For now, market would continue to remain rangebound due to short week (Trading holidays on 17 and 19 April, 2019) but overall, market is bullish and traders can go long once BankNifty closes above 30149 levels.
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FIIs were net buyers of Rs.713.22 crores whereas DIIs were net buyers of Rs.581.36 crores in cash market for last trading session. Nifty would see strong support at 11650-11626-11600-11570 whereas strong resistance would be seen 11700-11730-11760-11800 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: Wipro.
Stocks In F&O Ban Period: DHFL, IDBI, JETAIRWAYS, PCJEWELLER, RPOWER and WOCKPHARMA.
NSE Nifty: (11690) The support for the Nifty is 11650-11626-11600-11570 and the resistance to the up move is at 11700-11730-11760-11800 levels.
NSE BankNifty: (30104) The support for BankNifty is at 30016-29940-29860-29800 and the resistance to the up move is at 30150-30270-30340 levels.
BSE Sensex: (38906) The support for the Sensex is at 38780-38660-38550-38445 and the resistance to the up move is at 38950-39075-39140-39270 levels.
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