Market Struggling To Confirm The Trend, Sideways Movement To Continue
Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that market would see sharp rally if it closes above 11955 for Nifty. EquityPandit predicted that market would remain rangebound until Nifty closes above 11955 or BankNifty closes below 30507 and exactly same happened. Indian Stock Market remained rangebound and finally closed flat for the day.
Today: Indian Stock Market would open negative. Technically, analysis would still remain same. Nifty is still in negative zone whereas BankNifty is in positive zone. Now either Nifty needs to enter into positive zone by closing above 11955 or else BankNifty needs to enter into negative zone by closing below 30556 to confirm the trend. Market would continue to remain rangebound and would see sideways movement until either of these two happens. Traders can add long positions if Nifty closes above 11955. Whereas If BankNifty closes below 30556 then traders can close all long positions and initiate fresh short positions.
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FIIs were net sellers of Rs.270.66 crores whereas DIIs were net buyers of Rs.309.45 crores in cash market for last trading session. Nifty would see strong support at 11865-11830-11800-11748 whereas strong resistance would be seen at 11960-12041-12083 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (11884) The support for the Nifty is 11865-11830-11800-11748 and the resistance to the up move is at 11960-12041-12083 levels.
NSE BankNifty: (30992) The support for BankNifty is 30920-30865-30815-30740 and the resistance to the up move is 31169-31270-31340-31405-31455 levels.
BSE Sensex: (40284) The support for the Sensex is 40110-40035-40000 and the resistance to the up move is at 40380-40500-40600-40750 levels.
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