Market To Open Gap Negative And Remain Bearish Amid Oil Price War And Coronavirus Fears

Last Trading Session: Indian Stock Market opened gap negative for the day on the fears of Coronavirus and Yesbank moratorium. Indian Stock Market saw sharp downfall and finally, closed gap negative for the day.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in negative zone. Market would enter into positive zone only if it closes above 11190 for Nifty and 28438 for BankNifty but until then market would be considered bearish. Coronavirus fears would continue to linger and keep investors sentiments bearish. OPEC deal failure would spark oil price war and oil prices would continue to plunge. It would be important to watch about how Yesbank resolution would take place. All these factors would affect Indian Stock Market for now. Though market has seen a gap down opening in last trading session and hence it can cover that gap by seeing some short covering in next few sessions. But downside is open for the markets and every positive movement would be an opportunity to sell until market closes above EquityPandit’s predicted reversal levels.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.3594.84 crores whereas DIIs were net buyers of Rs.2543.78 crores in cash market for last trading session. Nifty would see strong support at 10947-10900-10840-10800 whereas strong resistance would be seen at 11025-11085-11110-11139 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (10989) The support for the Nifty is 10947-10900-10840-10800 and the resistance to the up move is at 11025-11085-11110-11139 levels.

NSE BankNifty: (27801) The support for BankNifty is 27635-27565-27450-27340 and the resistance to the up move is 27880-28000-28035-28145-28270 levels.

BSE Sensex: (37577) The support for the Sensex is 37430-37340-37290-37140 and the resistance to the up move is at 37680-37755-37880-37940 levels.

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