Nifty Near Six Months Trend Channel Support, Breaching This Would Force Sharp Breakdown
Last Trading Session: Indian Stock Market opened negative for the day. EquityPandit predicted that traders can initiate fresh short positions if BankNifty breaches 31200 and exactly same happened. BankNifty breached 31200 on Monday and saw a sharp downfall as predicted. Market consolidated on Tuesday and managed to close flat for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is in negative zone. Market would enter into positive zone only if it closes above 11642 for Nifty and 30895 for BankNifty. Though market is in negative zone but it is expected to take support near its six months trendline support and may recover from there. Nifty is forming a channel for last six month and breaching which market would see sharp downfall till 11200-11000 but until then, there are chances of recovery. Nifty has also filled the gap that was created in charts during the Lok Sabha election results. For now, traders can hold short positions and should initiate long only if market closes above 11642 levels for Nifty and 30895 levels for BankNifty.
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FIIs were net sellers of Rs.674.26 crores whereas DIIs were net buyers of Rs.710.91 crores in cash market for last trading session. Nifty would see strong support at 11515-11498-11450-11412 whereas strong resistance would be seen 11630-11682-11700-11730 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: (11556) The support for the Nifty is 11515-11498-11450-11412 and the resistance to the up move is at 11630-11682-11700-11730 levels.
NSE BankNifty: (30569) The support for BankNifty is 30445-30350-30274-30110 and the resistance to the up move is at 30660-30740-30800-30950 levels.
BSE Sensex: (38730) The support for the Sensex is at 38660-38550-38445-38340 and the resistance to the up move is at 38800-38950-39075-39140 levels.
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