Market To Consolidate, Go Long At Dips Until Nifty Holds Above 11369

Last Trading Session: Indian Stock Market opened negative exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see some profit booking but traders can go long at dips until Nifty holds 11369 and exactly same happened. Indian Stock Market saw sharp profit booking and made low exactly at EquityPandit’s predicted support levels of 11498 like a dot. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in positive zone. Market would see reversal and would enter into negative zone only if it closes below 11369 for Nifty and 29438 for BankNifty. Overall market would continue to consolidate in a rangebound region. We have seen a sharp rally in last few days and now sideways movement is expected. Overall, market is buy at dips until it holds above the reversal levels.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.213.60 crores whereas DIIs were net buyers of Rs.458.68 crores in cash market for last trading session. Nifty would see strong support at 11498-11450-11412-11369 whereas strong resistance would be seen at 11580-11630-11682-11700 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (11512) The support for the Nifty is 11498-11450-11412-11369 and the resistance to the up move is at 11580-11630-11682-11700 levels.

NSE BankNifty: (29877) The support for BankNifty is 29800-29721-29650-29520 and the resistance to the up move is 30005-30088-30150-30270 levels.

BSE Sensex: (38823) The support for the Sensex is 38747-38700-38540-38445 and the resistance to the up move is at 39035-39115-39240-39380 levels.

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