Initiate Long Positions If Market Closes Above 11973 For Nifty and 31411 For BankNifty
Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that market would see some positive movement but market would be considered bullish only if it closes above 11973 for Nifty. Market moved sharply positive but still managed to close below 11973 levels for the day. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Market is forming higher highs higher lows pattern. Market would enter into positive zone once it closes above 11973 for Nifty and 31411 for BankNifty. Once market closes above these levels, market would be considered as entered into bullish zone and traders can take long positions home in that case but until stay cautious.
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FIIs were net buyers of Rs.95.79 crores whereas DIIs were net sellers of Rs.151.01 crores in cash market for last trading session. Nifty would see strong support at 11926-11900-11875-11850-11800 whereas strong resistance would be seen 12000-12041-12083-12105 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, PCJEWELLER, RELCAPITAL and RELINFRA.
NSE Nifty: (11966) The support for the Nifty is 11926-11900-11875-11850-11800 and the resistance to the up move is at 12000-12041-12083-12105 levels.
NSE BankNifty: (31265) The support for BankNifty is at 31160-31067-30920-30865 and the resistance to the up move is at 31340-31411-31455-31540 levels.
BSE Sensex: (39950) The support for the Sensex is at 39880-39815-39740-39660 and the resistance to the up move is at 39815-39880-39945-40035 40067-40145-40240-40305 levels.
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