BankNifty Forming Ascending Triangle Pattern, Ready For Breakout If Closes Above 27037

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Market has entered into negative zone and traders should hold short positions until Nifty holds below 11060 levels. Market recovered sharply from day lows and managed to close positive for the day.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in negative zone but BankNifty is forming Ascending Triangle pattern and that suggest that it may see sharp breakout if managed to close above 27037. Market would see reversal and would enter into positive zone once it closes above 11058 for Nifty and 27037 for BankNifty. Traders can initiate fresh long positions if market closes above EquityPandit’s reversal levels. Once BankNifty breaches 27165, then we would see sharp positive rally in the market. Strong support exists at 10947-10921 levels for Nifty.

FIIs were net sellers of Rs.673.99 crores whereas DIIs were net buyers of Rs.840.06 crores in cash market for last trading session. Nifty would see strong support at 11000-10980-10947-10921 whereas strong resistance would be seen 11060-11080-11139-11175 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

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NSE Nifty: (11008) The support for the Nifty is 11000-10980-10947-10921 and the resistance to the up move is at 11060-11080-11139-11175 levels.

NSE BankNifty: (27008) The support for BankNifty is at 26955-26865-26800-26685 and the resistance to the up move is at 27075-27165-27240-27380-27470 levels.

BSE Sensex: (36520) The support for the Sensex is at 36480-36320-36214-36100 and the resistance to the up move is at 36700-36780-36880 levels.

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