Market Strongly Bullish If Manages To Close Above 11333 For Nifty And 29145 For BankNifty

Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that market is still in negative zone and would continue to consolidate in this region. EquityPandit also predicted that market is little stretched and some reaction can be seen and same happened. Indian Stock Market consolidated for the whole day. Sensex saw support right at EquityPandit’s predicted support levels of 37045 like a dot and rebounded from there. Market reacted in last one hour as predicted and moved sharply positive. Market saw highs right at yesterday’s predicted resistance levels of 28960 for BankNifty and 37500 for Sensex. Finally, Indian Stock Market managed to close gap positive for the day. Nifty also closed right below EquityPandit’s predicted resistance levels of 11265.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Market would enter into positive zone and would be considered strongly bullish if it manages to close above 11333 for Nifty and 29145 for BankNifty spot levels. If not so then atleast BankNifty is required to close above 29000 levels to see some sustained buying interest among bulls else the risk of downfall would still exist. 9-Days EMA is acting as an strong resistance for the market and hence closing above 9-Days EMA would confirm bullishness. Exit polls would be disclosed on Sunday and we may see gap opening on either side on Monday. Traders are suggested to trade cautiously and to hedge every position properly before taking it home for the weekend.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.953.23 crores whereas DIIs were net buyers of Rs.948 crores in cash market for last trading session. Nifty would see strong support at 11235-11200-11165-11125 whereas strong resistance would be seen 11285-11333-11365-11390 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Results To Be Declared Today: Bajaj Auto, Bajaj Holdings & Investments, Balkrishna Industries, City Union Bank, Corporation Bank, Dr. Lal Pathlabs, Dr. Reddy Laboratories, Engineers India, Indian Oil Corporation, Jubilant Life Sciences, PI Industries, Sobha Ltd and UPL Ltd.

Stocks In F&O Ban Period: JETAIRWAYS.

NSE Nifty: (11257) The support for the Nifty is 11235-11200-11165-11125 and the resistance to the up move is at 11285-11333-11365-11390 levels.

NSE BankNifty: (28855) The support for BankNifty is at 28820-28740-28600-28500 and the resistance to the up move is at 28940-29075-29145-29180-29270 levels.

BSE Sensex: (37393) The support for the Sensex is at 37270-37165-37110-37072-36980 and the resistance to the up move is at 37425-37530-37585-37660 levels.

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