Market To Enter Negative Zone Only If It Closes Below 11795 For Nifty, Until Then Hold Long
Last Trading Session: Indian Stock Market opened flat with positive bias, exactly as predicted by EquityPandit. EquityPandit predicted Indian Stock Market would consolidate for now but traders should initiate short positions only if Nifty closes below 11795 and until then traders can hold long positions in the market and exactly the same happened. Indian Stock Market consolidated for the whole trading session as predicted. Finally, Indian Stock Market closed flat for the day. BankNifty remained under pressure for the whole trading session as SC hearing on loan moratorium continues.
Market Today: Indian Stock Market would open negative. Technically, Market is still in the positive zone. SC hearing on Loan Moratorium would continue today. Market would be highly volatile. Banking sector direction would depend on the final verdict. But for now the market is in a positive zone and it would enter into a negative zone only if the market closes below 11795 for Nifty and 23295 for BankNifty. Traders can initiate fresh short positions if the market closes below these levels but until then traders can hold long positions.
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FIIs were net buyers of Rs.832.14 crores whereas DIIs were net sellers of Rs.1674.46 crores in the cash market for the last trading session. Nifty would see strong support at 11865-11830-11800-11748 whereas strong resistance would be seen at 11985-12005-12041-12083 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11934) The support for the Nifty is 11865-11830-11800-11748 and the resistance to the up move is at 11985-12005-12041-12083.
NSE BankNifty: (23492) The support for BankNifty is 23330-23240-23035-22800 and the resistance to the up move is 23606-23750-23880-24075-24200.
BSE Sensex: (40626) The support for the Sensex today is 40365-40240-40110-40035 and the resistance to the up move is at 40800-40880-41035-41110 levels.
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