Market Would Be Considered Bearish Only If BankNifty Closes Below 31200, Until Then Market To Consolidate
Last Trading Session: Indian Stock Market opened flat as predicted. EquityPandit predicted that market would be considered positive until market holds 11850 levels for Nifty and 31200 for BankNifty. EquityPandit suggested that market would see reversal only if market closes below these levels. Market moved positive and saw highs right at EquityPandit’s predicted resistance levels of 11975 for Nifty and 31660 for BankNifty and 40035 for Sensex like a dot. Market fell down from there and saw lows right at EquityPandit’s predicted support levels of 11800 for Nifty. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open negative. Technically, Nifty has entered into negative zone whereas BankNifty is still in positive zone. Now market would remain rangebound and would see sideways movement until either Nifty closes above 12000 or else BankNifty closes below 31200 levels. Traders should not initiate short positions until BankNifty closes below 31200 levels. Friday downfall was just a reaction of the Budget but market would be considered bearish only if BankNifty closes below 31200 and hence traders should wait for now for either of the two to happen before taking any big position in the market.
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FIIs were net sellers of Rs.89.38 crores whereas DIIs were net buyers of Rs.275.63 crores in cash market for last trading session. Nifty would see strong support at 11748-11700-11655-11614 whereas strong resistance would be seen 11845-11883-11960-12041 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 and RELCAPITAL.
NSE Nifty: (11811) The support for the Nifty is 11748-11700-11655-11614 and the resistance to the up move is at 11845-11883-11960-12041 levels.
NSE BankNifty: (31476) The support for BankNifty is at 31380-31340-31270-31110 and the resistance to the up move is at 31660-31750-31800-31940 levels.
BSE Sensex: (39513) The support for the Sensex is at 39375-39240-39110-39035 and the resistance to the up move is at 39645-39707-39815-39880 levels.
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