Market To Consolidate, Positive Rally Only If BankNifty Closes Above 21870
Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that Nifty entered the positive zone but the market would consolidate in a rangebound region for now and exactly the same happened. Nifty moved positive and saw highs right near EquityPandit’s predicted resistance levels of 11240. Market remained rangebound for the whole trading session. Asian Paints (+4.56%), Bajaj Finance (+3.56%) and IndusInd Bank (+2.85%) were the top gainers whereas Titan (-2.60%), HCL Tech (-2.07%) and Infosys (-2.05%) were the top losers of the day. Finally, Indian Stock Market closed flat for the day.
Market Today: Indian Stock Market would open flat with positive bias. Technically, Nifty is still in the positive zone whereas BankNifty is in the negative zone. The Nifty would enter into the negative zone once it closes below 11016 whereas BankNifty would enter into the positive zone if it closes above 21870. Market will continue to consolidate until both are in the opposite zone. Once both of them enter the same zone, we would see a sharp rally in that direction. Traders can go long in the market if BankNifty closes above 21870 levels whereas short positions can be initiated if Nifty closes below 11016. Traders should wait for either of the two to happen for the confirmation of the trend and until then market would see sideways movement.
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FIIs were net buyers of Rs.397.32 crores whereas DIIs were net sellers of Rs.438.62 crores in the cash market for the last trading session. Nifty would see strong support at 11165-11100-11065-11040-10945 whereas strong resistance would be seen at 11240-11267-11301-11390 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
Important Results To Be Declared Today: Action Construction Equipment, Akzo Nobel, GE T&D India, Bank Of Baroda, Borosil Renewables, Camlin Fine Sciences, Oriental Aromatics, Caplin Point Laboratories, Cochin Shipyard, DFM Foods, Force Motors, Goodricke Group, HEG Ltd, IPCA Laboratories, Kalyani Investment Company, Kalyani Steels, KEC International, KIOCL, Kiri Industries, Meghmani Organics, Oriental Carbon & Chemicals, Power Grid Corporation, Quick Heal Technologies, Satia Industries, Sonata Software, Kama Holdings, Sterling Tools, Subex, Titan Company, Ujjivan Financial Services, Vindhya Telelinks and VMart Retail Ltd.
NSE Nifty: (11214) The support for the Nifty is 11165-11100-11065-11040-10945 and the resistance to the up move is at 11240-11267-11301-11390.
NSE BankNifty: (21754) The support for BankNifty is 21550-21350-21065-20878 and the resistance to the up move is 21862-22000-22110-22385.
BSE Sensex: (38041) The support for the Sensex 37880-37740-37600-37440 and the resistance to the up move is at 38240-38370-38402-38487 levels.
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