Market To Remain Rangebound with positive bias Until Nifty Holds Above 11369
Last Trading Session: Indian Stock Market opened flat with negative bias as predicted by Equitypandit. EquityPandit predicted that market would see sideways movement. EquityPandit also predicted that BankNifty would move into negative zone once it closes below 29438 levels. Market moved sharply negative. BankNifty saw a sharp downfall breaching the reversal levels. Finally, Nifty closed flat with negative biased whereas BankNifty closed gap negative for the day.
Today: Indian Stock Market would open positive. Technically, Nifty is still in positive zone but BankNifty has entered into negative zone. Now market would remain rangebound until both the indices moves in same zone. Nifty would enter in negative zone only if it closes below 11369 whereas BankNifty would again enter into positive zone only if it closes above 30385 which is too far. For now, traders should wait for either of two to see a reversal and confirm the trend. Until then market would consolidate in a rangebound region.
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FIIs were net sellers of Rs.469.40 crores whereas DIIs were net buyers of Rs.504.69 crores in cash market for last trading session. Nifty would see strong support at 11450-11412-11369-11300 whereas strong resistance would be seen at 11515-11580-11630-11682 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (11474) The support for the Nifty is 11450-11412-11369-11300 and the resistance to the up move is at 11515-11580-11630-11682 levels.
NSE BankNifty: (29103) The support for BankNifty is 29027-28950-28815 and the resistance to the up move is 29250-29360-29400-29520 levels.
BSE Sensex: (38667) The support for the Sensex is 38540-38445-38365-38270 and the resistance to the up move is at 38800-38945-39035-39115 levels.
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