BankNifty Forms Engulfing Bearish Candle, Further Downfall If It Breaches 28550

Last Trading Session: Indian Stock Market opened positive for the day. Market moved positive and consolidated for the whole day but paired all the gains in the last hour of trading session. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Market would continue to consolidate in this region. BankNifty has again formed an Engulfing Bearish Candle that suggest further downfall. BankNifty would see further downfall if it breaches 28550 levels. For now, market is little stretched and some reaction can be seen. Today is BankNify weekly options expiry and hence we would see higher volatility. Market would enter into positive zone only if it closes above 11333 for Nifty and 29177 for BankNifty but until then the risk of further downfall would exist. 9-days EMA is acting as the strong resistance for the market. Few corporate giants like Bajaj Finance, Bank Of Indian and Hindalco would disclose their quarterly results today and would affect Indian Stock Market direction for the day.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.1142.44 crores whereas DIIs were net buyers of Rs.671.77 crores in cash market for last trading session. Nifty would see strong support at 11100-11085-11024-11000 whereas strong resistance would be seen 11185-11215-11237-11265 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Results To Be Declared Today: Bajaj Finance, Bajaj Finserv, Bank Of India, Blue Dart, Chambal Fertilizers & Chemicals, DB Corp, Hindalco Industries, JK Tyre, Jownson Controls-Hitachi Air Condition, JSW Energy, Minda Industries and Take Solutions.

Stocks In F&O Ban Period: NIL.

NSE Nifty: (11157) The support for the Nifty is 11100-11085-11024-11000 and the resistance to the up move is at 11185-11215-11237-11265 levels.

NSE BankNifty: (28616) The support for BankNifty is at 28550-28488-28353-28270 and the resistance to the up move is at 28740-28880-28960-29075 levels.

BSE Sensex: (37115) The support for the Sensex is at 37045-36950-36850-36814 and the resistance to the up move is at 37270-37368-37500 levels.

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