Market Bullish Until Nifty Above 14458, Go Long At Dips
Last Trading Session: Indian Stock Market opened negative as predicted. EquityPandit predicted that Nifty has already entered into positive zone while BankNifty would enter into positive zone once it closes above 33932 and if that happens traders can take long positions home. Market moved negative and finally managed to close the gap negative for the day.
Today: Indian Stock Market would open gap positive. Technically, Nifty is still in the positive zone while BankNifty is in the negative zone. BankNifty would enter into the positive zone once it closes above 33932. As predicted yesterday, the market would be considered bullish until Nifty holds above 14458 and would see positive movement until 15000 levels for Nifty and 35000 levels for BankNifty. Traders can go long at dips until Nifty holds above 14458. Once BankNifty enters into the positive zone by closing above 33932 then we may see a sharp rally till 35000 levels for BankNifty.
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FIIs were net sellers of Rs.1685.91 crores whereas DIIs were net buyers of Rs.2081.52 crores in the cash market for the last trading session. Nifty would see strong support at 14645-14616-14540-14470 whereas strong resistance would be seen at 14815-14880-14945-15035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (14691) The support for the Nifty is 14645-14616-14540-14470 and the resistance to the up move is at 14815-14880-14945-15035 levels.
NSE BankNifty: (33304) The support for BankNifty is 33165-33035-32865-32700 and the resistance to the up move is 33515-33608-33888-33965-34075 levels.
BSE Sensex: (49509) The support for the Sensex is 49365-49240-49110-49025 and the resistance to the up move is at 49715-49806-49880-50075 levels.
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