Market To See Sideways Movement But Continue Long Until Nifty Holds Above 11328

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the market is still in a positive zone and traders can continue to hold long positions in the market and should not initiate any short positions until Nifty closes below 11302. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 11500 for Nifty like a dot. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Kotak Bank (+3.57%), IndusInd Bank (+3.04%), Bajaj Finance (+3.03%), HDFC Bank (+2.89%) and ICICI Bank (+2.48%) were the top gainers for the day. Finally, Indian Stock Market closed the gap positive for the day. Sensex also closed right at EquityPandit’s predicted resistance levels of 38800 like a dot.

Market Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in a positive zone for now. Market may see some sideways movement today after a sharp positive rally yesterday. Analysis would still remain the same. Market is ready for some sharp movement on either side as Bollinger Bands are narrowing down to extremes and the market has consolidated for a long time. Traders should remain cautious. Traders can initiate fresh short positions only if the market closes below 11328 for Nifty and 22186 for Bank Nifty but until then traders can continue long positions. Nifty is near its major resistance of 11500 and hence some profit booking cannot be ruled out but still long positions should be held for now.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.219.07 crores whereas DIIs were net sellers of Rs.335.64 crores in the cash market for the last trading session. Nifty would see strong support at 11420-11385-11340-11300  whereas strong resistance would be seen at 11470-11500-11556-11600 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (11466) The support for the Nifty is 11420-11385-11340-11300 and the resistance to the up move is at 11470-11500-11556-11600.

NSE BankNifty: (22833) The support for BankNifty is 22615-22515-22375-22240 and the resistance to the up move is 22995-23085-23170-23380.

BSE Sensex: (38799) The support for the Sensex today is 38755-38680-38606-38515-38340 and the resistance to the up move is at 38880-38950-39075-39170 levels.

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