Market Would Be Bullish Only If BankNifty Closes Above 30088 Spot Levels
Last Trading Session: Indian Stock Market opened flat with negative bias as predicted. EquityPandit predicted that market would continue to see sideways movement until BankNifty closes above 30088 levels and same happened. Indian Stock Market saw choppy movement for the whole trading session. Banking sector some some buying and was gainer for the day. Nifty saw lows right at EquityPandit’s predicted support levels of 11700 like a dot. Finally, Indian Stock Market closed marginally negative whereas BankNifty closed gap positive for the day.
Today: Indian Stock Market would open negative. Technically, analysis would still remain same and Nifty is still in positive zone whereas BankNifty is still in negative zone. BankNifty would enter into positive zone once it closes above 30088 and once this happens, market mood would turn bullish and traders can take long positions home for the targets of 32000 for BankNifty with stoploss of 29400 levels but until then market would consolidate. Once BankNifty closes above 30088, Nifty would start its positive journey but until then sideways movement would continue. US-China trade worries escalated as China considers cancelling trade talks. Market is at make or break level and Nifty is also being supported by 9-days EMA but now, BankNifty needs to close above 30088 to support the market else the risk of downfall would persist. ICICI and Airtel would disclose their quarterly results today and would affect Indian Stock Market for the day.
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FIIs were net sellers of Rs.400.68 crores whereas DIIs were net sellers of Rs.57.07 crores in cash market for last trading session. Nifty would see strong support at 11700-11685-11650-11616 whereas strong resistance would be seen 11760-11800-11820-11850 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: Bharti Airtel, Firstsource Solutions, Godrej Agrovet, Great Eastern Shipping Company, Gujarat Gas Ltd, ICICI Bank Ltd, Mahindra CIE Automotive, Marico, Navin Fluorine International and Wockhardt Ltd.
Stocks In F&O Ban Period: JETAIRWAYS.
NSE Nifty: (11712) The support for the Nifty is 11700-11685-11650-11616 and the resistance to the up move is at 11760-11800-11820-11850 levels.
NSE BankNifty: (29954) The support for BankNifty is at 29860-29800-29721-29650 and the resistance to the up move is at 30027-30088-30150-30270 levels.
BSE Sensex: (38963) The support for the Sensex is at 38880-38800-38747-38700 and the resistance to the up move is at 39089-39115-39240-39380 levels.
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