BankNifty Enters Into Positive Zone With A Breakout While Nifty Still In Negative Zone
Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that Indian Stock Market would see a bounce back after a downfall for consecutive 3 trading sessions and the same happened. Indian Stock Market saw some bounce back and remained rangebound for the day. BankNifty saw a sharp positive rally and managed to close at the highest levels in the last 6 months. Finally, Indian Stock Market closed marginally positive but BankNifty closed gap positive for the day.
Market Today: Indian Stock Market would open positive. Technically, Nifty is still in the negative zone but Bank Nifty saw a sharp breakout and managed to enter into the positive zone. BankNifty managed to close at its highest levels since mid of March 2020. Index may see some profit booking after a sharp rally but overall the BankNifty looks bullish and may see a further positive rally. Today US Elections will take place and traders should not take any open position home without proper hedging as tomorrow the Indian market may see a gap opening in either side.
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FIIs were net buyers of Rs.740.61 crores whereas DIIs were net sellers of Rs.533.97 crores in the cash market for the last trading session. Nifty would see strong support at 11605-11570-11530-11500 whereas strong resistance would be seen at 11715-11768-11880-11940 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11669) The support for the Nifty is 11605-11570-11530-11500 and the resistance to the up move is at 11715-11768-11880-11940.
NSE BankNifty: (24893) The support for BankNifty is 24770-24565-24415-24280 and the resistance to the up move is 25035-25230-25380-25515.
BSE Sensex: (39758) The support for the Sensex today is 39525-39450-39335-39200 and the resistance to the up move is at 39880-39970-40035-40110-40270 levels.
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