BankNifty Entered Consolidation, Further Correction Below 23140

Last Trading Session: Indian Stock Market Opened flat with negative bias for the day. EquityPandit predicted that market would see some consolidation. EquityPandit also predicted that next target for Nifty is 9635 levels from where it would see some correction and exactly same happened. Indian Stock Market opened negative and saw lows right at EquityPandit’s predicted support levels of 9538 for Nifty and 30865 levels for Sensex like a dot. Market moved sharply higher from there and saw highs right at EquityPandit’s predicted Targets of 9635 levels like a dot. Indian Stock Market corrected from those levels as per EquityPandit’s predictions. Finally, Indian Stock Market closed positive for the day. BankNifty remained under pressure and closed right above EquityPandit’s predicted support levels of 23170. Nifty closed right at EquityPandit’s predicted resistance levels of 9605 like a dot.

Today: Indian Stock Market would open negative. Technically, analysis would remain same and Indian Stock Market is still in positive zone. Momentum of the trend is maturing and we may soon enter into a short term consolidation/correction phase. BankNifty has developed a BEARISH HARAMI candlestick pattern with stochastic in overbought region and this suggest that BankNifty can see further downfall if it breaches 23140 levels. Traders can consider booking profits at this point of time and wait for some consolidation/correction for further entry in BankNifty. Overall, market is expected to see some consolidation for upcoming days. Traders can again go long in Market near EquityPandit’s predicted support levels.

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FIIs were net sellers of Rs.709.97 crores whereas DIIs were net buyers of Rs.290.53 crores in cash market for last trading session. Nifty would see strong support at 9538-9470-9450-9420 whereas strong resistance would be seen at 9635-9660-9705 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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Important Corporate Results Today: Apollo Hospitals, BEML, Berger Paints, BBTC, eClerx, EIH, Finolex Cables, Fortis Healthcare, Godfrey Phillips, Hathway Cable, HCL Infosystems, Hindalco, HDIL, Jai Corp, JBF Industries, Jet Airways, MTNL, Mcleod Russel, Natco Pharma, NHPC, Presige Estates, Ramco Systems, Rural Electrification Corporation, Schneider Electric, SAIL, Ramco Cements, Thermax, TTK Prestige, Uflex, Unichem Laboratories and United Spirits.

NSE Nifty: (9605) The support for the Nifty is 9538-9470-9450-9420 and the resistance to the up move is at 9635-9660-9705 levels.

NSE BankNifty: (23183) The support for BankNifty is at 23140-23060-22940 and the resistance to the up move is at 23305-23410-23540-23660 levels.

BSE Sensex: (31109) The support for the Sensex is at 30940-30865-30715 and the resistance to the up move is at 31168-31272-31380 levels.

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