Indian Market To Be Considered Bullish Only If BankNifty Closes Above 30885
Last Trading Session: Indian Stock Market opened positive for the day. Market moved sharply positive for the day and saw strong resistance near EquityPandit’s predicted resistance levels of 11682 levels for Nifty. Finally, Indian Stock Market closed gap positive for the day. Sensex closed right below EquityPandit’s predicted resistance levels of 39140 like a dot.
Today: Indian Stock Market would open flat with negative bias. Technically, Nifty is in positive zone whereas BankNifty is still in negative zone. Traders need to wait for either Nifty to enter into negative zone or BankNifty to enter into positive zone for the confirmation of the market trend. BankNifty would enter into positive zone once BankNifty closes above 30885 and if this happens then market would see sharp positive rally. 11570 would act as immediate support for Nifty and below which market would see profit booking. Nifty would enter bearish zone only if it closes below 11494 levels. For now, traders should wait for the confirmation of the trend before entering into any trade.
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FIIs were net sellers of Rs.444.99 crores whereas DIIs were net buyers of Rs.637.71 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: IDBI, RELCAPITAL and RELINFRA.
NSE Nifty: (11663) 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: (30571) 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: (39131) 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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