Market Still Bearish, Go Long Only Above 12239 For Nifty And 31270 For BankNifty

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market would see some short covering rally but overall market is bearish until Nifty holds below 12254. Indian Stock Market opened positive and saw highs right near EquityPandit’s predicted resistance levels of 12185 for Nifty. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone for now. Market would enter into positive zone only if it closes above 12239 for Nifty and 31270 for BankNifty. Market would see further positive movement but traders should initiate fresh long positions only if market closes above these levels but until then market would be considered bearish and can see a sharp downfall anytime. We are heading towards Union Budget on February 01, 2020 and market would see huge swings on varied sentiments and expectations from the Budget.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.279.53 crores whereas DIIs were net sellers of Rs.648.34 crores in cash market for last trading session. Nifty would see strong support at 12125-12105-12070-12035 whereas strong resistance would be seen at 12201-12240-12270-12310 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Quarterly Results To Be Disclose Today: AAVAS Financiers, Atul Ltd, Bank Of Baroda, EIH, Indian Bank, JSW Steel Ltd, Prestige Estate Projects, Sonata Software, Supreme Industries and UltraTech Cements.

NSE Nifty: (12180) The support for the Nifty is 12125-12105-12070-12035 and the resistance to the up move is at 12201-12240-12270-12310 levels.

NSE BankNifty: (31004) The support for BankNifty is 30940-30865-30815-30700-30518 and the resistance to the up move is 31075-31169-31270-31340 levels.

BSE Sensex: (41386) The support for the Sensex is 41270-41180-41110-41025 and the resistance to the up move is at 41440-41518-40600-41660 levels.

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