Market Still Consolidating, Bullish Momentum To Continue Only If Nifty Closes Above 13082
Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that the market is still in indecisive mode and traders should go long only if Nifty closes above 13082. Market moved sharply positive but Nifty saw highs right at EquityPandit’s predicted resistance levels of 13035 like a dot. Market sharply corrected from there and managed to close flat with a negative bias.
Market Today: Indian Stock Market would open flat. Technically, the analysis is still the same as Nifty is still in the negative zone whereas BankNifty is in the positive zone. The Nifty would enter into the positive zone only if it closes above 13082 while BankNifty would enter into negative zone if it closes below 28912. Market would see sideways movement until either of these to levels are breached by closing. If Nifty manages to close above 13082 then traders can initiate fresh long positions as in that case, the market would see new record highs. Whereas if BankNifty manages to close below 28912 then we may see sharp correction in days to come. Either of these two events would happen in upcoming sessions and traders can trade accordingly. For now, trade with caution and in low quantities as the market would remain sideways.
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FIIs were net buyers of Rs.7712.98 crores whereas DIIs were net sellers of Rs.4968.90 crores in the cash market for the last trading session. Nifty would see strong support at 12935-12865-12805-12750 whereas strong resistance would be seen at 13035-13075-13145-13180 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (12968) The support for the Nifty is 12935-12865-12805-12750 and the resistance to the up move is at 13035-13075-13145-13180.
NSE BankNifty: (29609) The support for BankNifty is 29440-29380-29240-29035 and the resistance to the up move is 29660-29740-29815-29880-29955.
BSE Sensex: (44150) The support for the Sensex today is 44035-44945-43815-43700 and the resistance to the up move is at 44380-44540-44660-44715 levels.
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