Positive Breakout Only If BankNifty Closes Above 30885, Until Then Market Rangebound
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market would be considered bullish only if BankNifty closes above 30885. Market remained rangebound throughout the day. BankNifty saw highs right at EquityPandit’s predicted resistance levels of 30800 like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat with negative bias. Technically, Nifty is still in positive zone whereas BankNifty is still in negative zone. Analysis would still remain same. Traders need to wait until either BankNifty enters into positive zone or Nifty enters into negative zone. The best and most profitable trades are generated only when both Nifty and BankNifty are in same trend. Market would see sharp positive breakout if BankNifty closes above 30885 whereas sharp downfall would be seen if Nifty closes below 11551 on spot basis. Traders should wait for confirmation of the trade before taking any directional trade.
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FIIs were net sellers of Rs.16.97 crores whereas DIIs were net buyers of Rs.208.88 crores in cash market for last trading session. Nifty would see strong support at 11630-11600-11570-11530 whereas strong resistance would be seen 11700-11730-11770-11800 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, RELCAPITAL, RELINFRA and TATAELXSI.
NSE Nifty: (11688) The support for the Nifty is 11630-11600-11570-11530 and the resistance to the up move is at 11700-11730-11770-11800 levels.
NSE BankNifty: (30736) The support for BankNifty is 30635-30550-30445-30350 and the resistance to the up move is at 30800-30885-30950-31067 levels.
BSE Sensex: (39216) The support for the Sensex is at 39065-38965-38870-38800 and the resistance to the up move is at 39285-39380-39445-39500 levels.
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