BankNifty Enters Positive Zone But Profit Booking To Be Seen As Nifty Still In Negative Zone

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market is still in negative zone and would enter into positive zone once it closes above 10824 levels for Nifty and 26558 for BankNifty. Market managed to recover smartly and BankNifty managed to breach its reversal levels. BankNifty saw highs right near EquityPandit’s predicted resistance levels of 26800 like a dot. Finally, Indian Stock Market fell down from highs and managed to close right at 10824 like a dot.

Today: Indian Stock Market would open negative. Technically, BankNifty entered into positive zone but Nifty is still in negative zone. Nifty would enter into positive zone once it closes above 10824 levels. Market would see some sharp profit booking for the day but traders shouuld remain cautious for now. Once Nifty manages to close above 10824 then Indian Stock Market as a whole would enter into positive zone and traders can take long positions home in that case. But for now traders can wait for Nifty to close above 10824 in upcoming sessions.

FIIs were net sellers of Rs.1342.44 crores whereas DIIs were net buyers of Rs.1105.76 crores in cash market for last trading session. Nifty would see strong support at 10800-10775-10722-10700 whereas strong resistance would be seen 10835-10880-10906-10975 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

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Stocks In F&O Ban Period: CGPOWER, DHFL, IDBI, INFIBEAM and JPASSOCIAT.

NSE Nifty: (10822) The support for the Nifty is 10800-10775-10722-10700 and the resistance to the up move is at 10835-10880-10906-10975 levels.

NSE BankNifty: (26767) The support for BankNifty is at 26650-26600-26500-26365 and the resistance to the up move is at 26818-26865-27000-27075 levels.

BSE Sensex: (35690) The support for the Sensex is at 35500-35480-35380-35260 and the resistance to the up move is at 35750-35880-35970-36075 levels.

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