Market Rangebound, Wait For A Decisive Breakout From The Range

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Nifty has entered into negative zone. EquityPandit also predicted that market would rebound and see short covering may be seen but traders can go short at positive rally. Market moved sharply positive. BankNifty closed right at EquityPandit’s predicted reversal levels of 26558 like a dot. Nifty also saw highs right at EquityPandit’s predicted resistance levels of 10780 like a dot. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Market would again enter into positive zone if it closes above 26558 for BankNifty and 10824 for Nifty. Market has rebounded smartly in last trading session and traders should now remain cautious as both Nifty and BankNifty are trading with high volatility near its reversal levels. Traders should wait for a breakout from the range to confirm the trend. Today is BankNifty options weekly expiry and hence trade cautiously. BankNifty is showing strength but closing below 26558 would force BankNifty to again see sharp profit booking.

FIIs were net sellers of Rs.2442.61 crores whereas DIIs were net buyers of Rs.1473.65 crores in cash market for last trading session. Nifty would see strong support at 10722-10700-10675-10645 whereas strong resistance would be seen 10803-10824-10850-10880 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: DHFL, INFIBEAM, JETAIRWAYS and JPASSOCIAT.

NSE Nifty: (10772) The support for the Nifty is 10722-10700-10675-10645 and the resistance to the up move is at 10803-10824-10850-10880 levels.

NSE BankNifty: (26558) The support for BankNifty is at 26420-26320-26180-26100 and the resistance to the up move is at 26660-26715-26800-26890 levels.

BSE Sensex: (35547) The support for the Sensex is at 35500-35480-35380-35260 and the resistance to the up move is at 35660-35750-35880-35970 levels.

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