BankNifty Enters Into Negative Zone, Further Downfall To Be Seen
Last Trading Session: Indian Stock Market opened negative for the day. EquityPandit predicted that market would see some profit booking at this point of time. EquityPandit also predicted that Pharma and IT sector would see positive rally whereas banking sector would see sharp downfall and exactly same happened. Indian Stock Market opened flat with negative biased and moved positive. Nifty saw highs right at EquityPandit’s predicted resistance levels of 10157 like a dot and fell down sharply from there to see lows right near EquityPandit’s predicted support levels of 10050 levels. IT and Pharma sector saw sharp positive rally whereas Banking sector saw sharp downfall, exactly as predicted by EquityPandit. Finally, Indian Stock Market recovered from day lows and managed to close above EquityPandit’s support levels of 10116 for Nifty.
Today: Indian Stock Market to open flat with negative bias. Technically, Nifty is still in positive zone but BankNifty has entered into negative zone. Now Nifty would enter into negative zone once it closes below 10086 levels. Traders should close all long positions for time being as further downfall is expected. U.S. equity-index futures fell down after a report that North Korea could respond to fresh sanctions with a hydrogen bomb in the Pacific and all stock markets across the globe would remain in pressure. Though Market has formed Hammer Candlestick pattern that suggest reversal from downtrend but the geopolitical concerns suggest further downfall from here. Nifty would show some strength only if it closes above 10180 levels and until then market is prone to further profit booking and some further downfall can’t be ruled out at this point of time.
FIIs were net sellers of Rs.1204.95 crores whereas DIIs were net buyers of Rs.1416.55 crores in cash market for last trading session. Nifty would see strong support at 10116-10081-10050-9998 whereas strong resistance would be seen at 10157-10188-10205-10218 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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Stocks In F&O Ban Period: BEML, DHFL, HDIL, IBREALEST, ICIL, INDIACEM, INFIBEAM, JPASSOCIAT, JSWENERGY, RCOM and WOCKPHARMA.
NSE Nifty: (10122) The support for the Nifty is 10116-10081-10050-9998 and the resistance to the up move is at 10157-10188-10205-10218 levels.
NSE BankNifty: (24799) The support for BankNifty is at 24737-24618-24536 and the resistance to the up move is at 24865-24990-25080-25188 levels.
BSE Sensex: (32370) The support for the Sensex is at 32238-32130-32082 and the resistance to the up move is at 32450-32546-32636-32688 levels.
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