Market Rangebound For Now, Initiate Long Only If Nifty Closes Above 11810
Last Trading Session: Indian Stock Market opened positive for the day as predicted. EquityPandit predicted that market would see further positive movement but it would be considered bullish only above 11810 for Nifty and exactly same happened. Indian Stock Market moved sharply positive after positive opening but saw strong resistance at EquityPandit’s predicted resistance levels of 11810 for Nifty. Market saw sharp downfall from there and saw lows right at EquityPandit’s predicted support levels of 11630 for Nifty and 30240 for BankNifty like a dot. Finally, Indian Stock Market closed flat for the day. Sensex closed right below EquityPandit’s predicted resistance levels of 39115.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Analysis would still remain same. Market would be considered bullish only if it closes above 11810 for Nifty and 30861 for BankNifty. Fed has signalled that a rate cut could be possible and hence global market would see some positive movement. Traders can initiate fresh long positions only if market closes above these levels but until then traders should remain cautious.
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FIIs were net sellers of Rs.97.05 crores whereas DIIs were net sellers of Rs.104.91 crores in cash market for last trading session. Nifty would see strong support at 11630-11600-11570-11498 whereas strong resistance would be seen 11730-11770-11810 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Stocks In F&O Ban Period: DHFL, IDBI, JETAIRWAYS, PCJEWELLER and RELINFRA.
NSE Nifty: (11691) The support for the Nifty is 11630-11600-11570-11498 and the resistance to the up move is at 11730-11770-11810 levels.
NSE BankNifty: (30362) The support for BankNifty is at 30325-30240-30140-30025 and the resistance to the up move is at 30465-30515-30660-30700 levels.
BSE Sensex: (39113) The support for the Sensex is at 38965-38870-38800-38747 and the resistance to the up move is at 39240-39380-39445-39500 levels.
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