Sharp Downfall To Be Seen In The Market If BankNifty Closes Below 24947

Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted that market would see a bounce back if Nifty manages to hold above 10198 and exactly same happened. Indian stock Market moved sharply positive but was not able to hold gains and fell down sharply. Nifty managed to close near EquityPandit’s predicted support levels of 10249. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open gap negative. Technically, Nifty is still in negative zone whereas BankNifty is still in positive zone. We are heading towards F&O Expiry and the analysis would remain same. Indian Stock Market would see sharp downfall if BankNifty manages to close below 24947 on spot basis. Until BankNifty is holding 24947 levels on closing basis, there are chances that market may see some short covering but if BankNifty breaches 24947 on closing basis then we may see a sharp downfall and Nifty can see levels of 10100-10000 in next two days in that case. 24947 is a make or break levels for BankNifty on closing basis and traders should consider all these levels while making any trading decision. Many Indian Corporate Giants would disclose its quarterly results today and would affection Indian Stock Market for the day.

FIIs were net sellers of Rs.511.91 crores whereas DIIs were net buyers of Rs.329.21 crores in cash market for last trading session. Nifty would see strong support at 10198-10140-10065-10000 whereas strong resistance would be seen 10305-10380-10451-10500 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 Quarterly Results To Be Declared Today: Adani Ports, Ambuja Cements, Bajaj Corp, Bajaj Finance, HCL Technologies, HDFC Stadard Life Insurance, ICICI Prudential Life Insurance, MCX, Rallis India, RBL Bank, Reliance Naval & Engineering, Tata Metaliks Ltd, Tejas Network, TVS Motor, Zensar Technologies.

Stocks In F&O Ban Period: ADANIENT, ADANIPOWER and JETAIRWAYS.

NSE Nifty: (10245) The support for the Nifty is 10198-10140-10065-10000 and the resistance to the up move is at 10305-10380-10451-10500 levels.

NSE BankNifty: (25079) The support for BankNifty is 25000-24798-24618-24500 and the resistance to the up move is at 25202-25265-25340-25480 levels.

BSE Sensex: (34134) The support for the Sensex is at 34110-34070-33899-33750 and the resistance to the up move is at 34500-34610-34666-34770-34850 levels.

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