Market Would Still Consolidate, Go Long At Dips Until Nifty Holds Above 11314
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Nifty has entered into positive zone but market would remain rangebound as BankNifty is still in negative zone and exactly the same happened. Indian Stock Market moved positive but saw highs right near EquityPandit’s predicted resistance levels of 11500 for Nifty. Market remained rangebound as predicted and finally closed flat for the day.
Market Today: Indian Stock Market would open positive. Technically, Nifty is in the positive zone but BankNifty is still in the negative zone. BankNifty would enter into the positive zone only if it closes above 22972 and if that happens then the market would see a sharp positive rally. The Nifty would again enter into a negative zone if it closes below 11314. For now, the market would consolidate in a range and traders can go long at dips but should trade in small quantities or hedge their positions until BankNifty doesn’t close above 22972.
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FIIs were net buyers of Rs.1175.81 crores whereas DIIs were net sellers of Rs.724.31 crores in the cash market for the last trading session. Nifty would see strong support at 11430-11400-11365-11300 whereas strong resistance would be seen at 11500-11555-11600-11682 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11464) The support for the Nifty is 11430-11400-11365-11300 and the resistance to the up move is at 11500-11555-11600-11682.
NSE BankNifty: (22480) The support for BankNifty is 22375-22240-22000-21925 and the resistance to the up move is 22606-22745-22850-23035-23170.
BSE Sensex: (38855) The support for the Sensex today is 38785-38660-38500-38340 and the resistance to the up move is at 39075-39240-39380-39465 levels.
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