Market Bullish Until Nifty Holds Above 11728, Continue Long Positions

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that profit booking would be seen in the market as charts have formed Shooting Star pattern that suggest a reversal and exactly same happened. Indian Stock Market moved negative and saw lows right near EquityPandit’s predicted support levels of 31067 for BankNifty. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone. Analysis would still remain same. Market may consolidate in a rangebound region but overall, market would be considered bullish until it holds above 11728 for Nifty and 30927 for BankNifty. 9-Days EMA are acting as an immediate support for Nifty and BankNifty. Nifty to see strong resistance at 11872 breaching which market would see sharp positive rally. Traders should continue to hold long positions for now.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.513.91 crores whereas DIIs were net buyers of Rs.182.40 crores in cash market for last trading session. Nifty would see strong support at 11748-11700-11655-11614 whereas strong resistance would be seen 11845-11883-11960-12041 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Stocks In F&O Ban Period: DHFL.

NSE Nifty: (11789) The support for the Nifty is 11748-11700-11655-11614 and the resistance to the up move is at 11845-11883-11960-12041 levels.

NSE BankNifty: (31105) The support for BankNifty is at 31067-30984-30920-30865-30815 and the resistance to the up move is at 31245-31340-31405-31455 levels.

BSE Sensex: (39395) The support for the Sensex is at 39240-39110-39060-38940 and the resistance to the up move is at 39480-39560-39645-39707 levels.

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