Market Would Continue To See Sideways Movement Until BankNifty Closes Above 30088

Last Trading Session: Indian Stock Market opened flat as predicted. EquityPandit predicted that market would consolidate until BankNifty closes above 30088 levels and exactly same happened. Indian Stock Market consolidated for the whole day. Market moved negative and saw lows right at yesterday’s predicted support levels of 11700 like a dot. Market recovered sharply from there but finally, managed to close flat for the day.

Today: Indian Stock Market would open flat with negative bias. Technically, analysis would still remain same and Nifty is still in positive zone whereas BankNifty is still in negative zone. Now for market to confirm bullish trend, BankNifty needs to close above 30088 whereas to confirm bearish trend, Nifty needs to close below 11618 and until then Market would continue to consolidate. Overall, market is bullish for now and every downfall would be an opportunity for traders to go long until 29400 holds for BankNifty on weekly charts. Market would consolidate for now until it breaches the support and resistance as mentioned in below given charts.

BankNifty:

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FIIs were net buyers of Rs.597.54 crores whereas DIIs were net sellers of Rs.791.69 crores in cash market for last trading session. Nifty would see strong support at 11700-11685-11650-11616 whereas strong resistance would be seen 11760-11800-11820-11850 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Results To Be Declared Today: Akzo Nobel india Ltd, Birla Corporation, Century Textiles & Industries, Cholamandalam Financial Holdings, Deepak, Nitrite, Godrej Consumer Products, Hindustan Unilever, HSIL, L&T Technology Services and Tata Chemicals.

Stocks In F&O Ban Period: JETAIRWAYS.

NSE Nifty: (11725) The support for the Nifty is 11700-11685-11650-11616 and the resistance to the up move is at 11760-11800-11820-11850 levels.

NSE BankNifty: (29709) The support for BankNifty is at 29650-29500-29400 and the resistance to the up move is at 29852-29950-30027-30088-30150 levels.

BSE Sensex: (38981) The support for the Sensex is at 38880-38800-38747-38700 and the resistance to the up move is at 39089-39115-39240-39380 levels.

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