BankNifty Consolidating For A While, Ready To See Sharp Breakout In Either Side

Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted that market would see some short covering as immediate support exists at 12000 for Nifty and exactly same happened. Indian Stock Market saw sharp short covering rally and moved sharply positive. Finally, Indian Stock Market closed gap positive for the day. BankNifty closed right below EquityPandit’s predicted resistance levels of 30885.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone and would enter into positive zone once it closes above 12211 for Nifty and 31270 for BankNifty. Until then market would be considered weak and risk of sudden downfall would exist. Today is F&O Expiry and market would be highly volatile. Overall, market is bearish for now and traders should initiate fresh long positions only if market closes above EquityPandit’s predicted reversal levels. BankNifty is trading in a very narrow range for last few days and is ready to see sharp breakout from the range in either side.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1014.27 crores whereas DIIs were net buyers of Rs.1520.90 crores in cash market for last trading session. Nifty would see strong support at 12100-12070-12035-12000 whereas strong resistance would be seen at 12155-12188-12205-12240 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Quarterly Results To Be Disclose Today: Amber Enterprises, Bharat Electronics, Bharti Infratel, Blue Star, Carborundum Universal, Colgate Palmolive, Dabur India, eClerx Services, Equitas Holdings, Force Motors, GSFC, Heritage Foods, Indian Oil Corporation, Jagran Prakashan, J&K Bank, JK Tyre, Laurus Labs, LIC Housing Finance, Marico, MOIL, MCX, NOCIL, Parag Milk Foods, Persistent Systems, Shriram City Union Finance, Strides Pharma Science, Tata Motors, Tata Motors-DVR, TTK Prestige Ltd.

NSE Nifty: (12130) The support for the Nifty is 12100-12070-12035-12000 and the resistance to the up move is at 12155-12188-12205-12240 levels.

NSE BankNifty: (30877) The support for BankNifty is 30770-30700-30635-30550 and the resistance to the up move is 30950-31067-31180-31270 levels.

BSE Sensex: (41199) The support for the Sensex is 41115-41035-41000-40880 and the resistance to the up move is at 41240-41270-41380-41440 levels.

Note:  If you wish to subscribe for premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services