BankNifty Entered Positive Zone But Bulls Are Loosing Momentum

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that further short covering can be seen but Nifty in consolidation range of 9020-9123 levels and exactly same happened. Indian Stock market consolidated for the whole day. BankNifty moved sharply positive and entered into positive zone. Nifty saw strong resistance at EquityPandit’s predicted resistance levels of 9130 like a dot. Finally, Indian Stock Market closed flat for the day but BankNifty saw gap positive closing.

Today: Indian Stock Market would open flat with negative bias. Technically, Nifty is still in negative zone but BankNifty has entered into positive zone. Nifty would enter into positive zone only if it closes above 9123 levels. Bulls are loosing momentum at higher levels but are accumulating at lower levels. We may see some profit booking at these levels but Nifty would witness support at 9050-9020 levels. BankNifty has already covered the gap and is stronger than Nifty. Nifty has formed Doji pattern and hence breaching levels of 9088 would force Nifty to see some profit booking. Traders can go long in the market if Nifty manages to close above 9123 levels but until then market would continue to consolidate in a range of 9020-9123 levels. Breaching the range on either side on closing basis would decide further market trend and until then trade is to go long at dips and sell at positive rally. Mutual Funds normally infuse funds in the market as March 31 is year end NAV time. So there is strong posibility of DIIs, who were seller for almost whole month, to turn buyers in upcoming week, which may give some strength to the market.

FIIs were net buyers of Rs.543.35 crores whereas DIIs were net buyers of Rs.116.50 crores in cash market for last trading session. Nifty would see strong support at 9088-9045-9020-8997-8970 whereas strong resistance would be seen at 9130-9150-9180 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

NSE Nifty: (9108) The support for the Nifty is 9088-9045-9020-8997-8970 and the resistance to the up move is at 9130-9150-9180 levels.

NSE BankNifty: (21123) The support for BankNifty is at 21070-20930-20845-20780 and the resistance to the up move is at 21220-21285-21336-21500 levels.

BSE Sensex: (29421) The support for the Sensex is at 29350-29200-29145-29060-29000 and the resistance to the up move is at 29485-29585-29660 levels.

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