Market Still Rangebound, BankNifty To See Sharp Downfall If 22000 Breached
Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the Market would still consolidate and traders should go long at dips until Nifty held above 11314 and exactly the same happened. Indian Stock Market moved positive but saw strong resistance near EquityPandit’s predicted resistance levels of 39240 for Sensex. IT Sector Outperformed yesterday. HCL Tech, TCS, Infosys and Tech Mahindra were the top performers yestreday. Market moved sharply negative from there due to the BankNifty. Finally, Indian Stock Market closed negative for the day.
Market Today: Indian Stock Market would open flat with positive bias. Technically, Analysis would remain the same. Nifty is still in the positive zone but BankNifty is in the negative zone. The Nifty would again enter into a negative zone once it closes below 11334 and if that happens then the market would see a sharp downfall. BankNifty is already weak and sharp downfall would be seen if it falls below 22000, which is the immediate support for BankNifty. BankNifty reversal levels are quite far and would enter into the positive zone only if it closes above 22928 but until then it would be considered bearish. Some short covering can be seen but overall market would remain rangebound until Nifty closes below 11334 or BankNifty closes above 22928 levels.
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FIIs were net buyers of Rs.298.22 crores whereas DIIs were net sellers of Rs.120.35 crores in the cash market for the last trading session. Nifty would see strong support at 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: (11440) The support for the Nifty is 11400-11365-11300 and the resistance to the up move is at 11500-11555-11600-11682.
NSE BankNifty: (22101) The support for BankNifty is 22375-22240-22000-21925 and the resistance to the up move is 22606-22745-22850-23035-23170.
BSE Sensex: (38757) The support for the Sensex today is 38660-38500-38340 and the resistance to the up move is at 38880-39075-39240-39380 levels.
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