Hold Long In BankNifty Until It Closes Below 20078 Levels

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that Nifty has entered into negative zone but BankNifty is still in positive zone. EquityPandit predicted that BankNifty would see some positive rally but traders can go short at every positive rally. Indian Stock Market moved positive while opening and then saw a sharp downfall from there but managed to see a positive reaction near support levels. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market would open positive. Technically, Nifty is in negative zone but BankNifty is still in positive zone. Now market is again in the consolidation zone. Market would see some positive movement. Now, its a tricky situation. BankNifty would enter into negative zone once it closes below 20078 levels and Nifty would enter into positive zone once it closes above 8824 levels. So traders can wait for either levels to be breached to take any further position. Once Nifty closes above 8824 levels, then traders can initiate fresh long positions whereas if BankNifty closes below 20078 then traders can go short in the market. Still 20000 is very strong support levels for BankNifty. For now, traders can wait for either of the levels to be breached. Intraday traders can sell at EquityPandit’s predicted resistance levels and buy near EquityPandit’s predicted support levels.

FIIs were net sellers of Rs.215.69 crores whereas DIIs were net buyers of Rs.846.11 crores in cash market for last trading session. Nifty would see strong support at 8740-8700-8688-8665 whereas strong resistance would be seen at 8810-8830-8850-8900 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

NSE Nifty: (8778) The support for the Nifty is 8740-8700-8688-8665 and the resistance to the up move is at 8810-8830-8850-8900 levels.

NSE BankNifty: (20244) The support for BankNifty is at 20215-20120-20060-20000 and the resistance to the up move is at 20315-20380-20465-20576 levels.

BSE Sensex: (28301) The support for the Sensex is at 28240-28145-28060-27950 and the resistance to the up move is at 28340-28475-28550-28630 levels.

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