Market Rangebound For Now, Breakout Only If 12745-13000 Range Breaks For Nifty
Last Trading Session: Indian Stock Market opened positive in the last trading session as predicted. EquityPandit predicted that Indian Stock Market will still consolidate before breaching 13000 levels and exactly the same happened. Indian Stock Market moved sharply negative but recovered sharply from there. Market saw highs right near EquityPandit’s predicted resistance levels of 12965 for Nifty and 44270 for Sensex like a dot. Finally, Indian Stock Market managed to close positive for the day. BankNifty closed negative for the day.
Market Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in the positive zone. Analysis would still remain the same. Market still consolidating before breaching strong psychological resistance levels of 13000 for Nifty. Market would enter into a negative zone only if it closes below 12745 for Nifty and 28655 for BankNifty but until then the market would be considered bullish. Further consolidation would be seen between 12745 and 13000 for Nifty. Once the market breached either level, we may see a sharp movement in that direction. If the market closes below 12745 for Nifty then traders can initiate fresh short positions.
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FIIs were net buyers of Rs.4738.44 crores whereas DIIs were net sellers of Rs.2944.05 crores in the cash market for the last trading session. Nifty would see strong support at 12865-12805-12750-12690 whereas strong resistance would be seen at 12965-13005-13035-13080 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (12926) The support for the Nifty is 12865-12805-12750-12690 and the resistance to the up move is at 12965-13005-13035-13080.
NSE BankNifty: (29024) The support for BankNifty is 28940-28865-28770-28615 and the resistance to the up move is 29165-29240-29365-29515-29606.
BSE Sensex: (44077) The support for the Sensex today is 44945-43815-43700-43606 and the resistance to the up move is at 44270-44380-44540-44660 levels.
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