Market Still Bullish, Covid-19 Vaccine News To Fuel The Positive Momentum
Last Trading Session: Indian Stock Market opened gap positive on Muhurat Trading on Saturday. Indian Stock Market consolidated for the whole trading session in a small range and finally managed to close positive for the day.
Market Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in the positive zone. Indian Stock Market is overstretched but still it looks bullish and would continue to see further positive movement. Moderna announced that its Covid-19 vaccine is 94.5% effective. Earlier this week Pfizer announced its vaccine. As per the Reuters, Britain expects to roll out Pfizer’s Covid-19 vaccine before Christmas. All the vaccines news has fueled encouragement among bulls and hence positive momentum is likely to continue. Traders can continue to hold long positions until the market closes below reversal levels of 12504 for Nifty and 27762 for BankNifty.
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FIIs were net buyers of Rs.1935.92 crores whereas DIIs were net sellers of Rs.2462.42 crores in the cash market for the last trading session. Nifty would see strong support at 12750-12690-12615-12580 whereas strong resistance would be seen at 12815-12880-12940-13000 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (12780) The support for the Nifty is 12750-12690-12615-12580 and the resistance to the up move is at 12815-12880-12940-13000.
NSE BankNifty: (28594) The support for BankNifty is 28430-28365-28240-28110 and the resistance to the up move is 28740-28800-28880-28950-29075.
BSE Sensex: (43638) The support for the Sensex today is 43530-43440-43270-43115 and the resistance to the up move is at 43830-43940-44100 levels.
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