BankNifty Already Made High For March Series, Profit Booking On The Cards

Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that market would see some profit booking now before resuming positive rally and exactly same happened. Indian Stock Market moved positive and saw highs right at EquityPandit’s predicted resistance levels of 30027 for BankNifty. Market was not able to sustain and saw sharp profit booking exactly as predicted by EquityPandit. Sensex saw lows right at EquityPandit’s predicted support levels of 38085 like a dot. Finally, Indian Stock Market closed gap negative for the day. Nifty closed right above EquityPandit’s predicted support levels of 11450.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone but now profit booking would be seen for now. Market may see some profit booking and BankNifty would also see some correction for now. Top has been made for BankNifty for March Series and we would see some profit booking in it. Overall, market is positive but before resuming positive momentum, market would see profit booking at this point of time.

FIIs were net buyers of Rs.1374.57 crores whereas DIIs were net sellers of Rs.675.37 crores in cash market for last trading session. Nifty would see strong support at 11408-11370-11340-11315 whereas strong resistance would be seen 11518-11560-11585-11620 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: ADANIENT, ADANIPOWER, IDBI, JETAIRWAYS, PNB and RPOWER.

NSE Nifty: (11457) The support for the Nifty is 11408-11370-11340-11315 and the resistance to the up move is at 11518-11560-11585-11620 levels.

NSE BankNifty: (29583) The support for BankNifty is at 29400-29340-29270-29110 and the resistance to the up move is at 29705-29800-29950-30027 levels.

BSE Sensex: (38165) The support for the Sensex is at 38085-38956-37820-37755 and the resistance to the up move is at 38254-38370-38402-38487 levels.

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