Market To Remain Rangebound Until Nifty Breaks 10933-11147 Range 

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market would see profit booking at every rally until it closes above 11147 levels and exactly same happened. Indian Stock Market moved sharply negative and saw lows at 11874 levels for Nifty. Finally, Indian Stock Market recovered sharply and managed to close above 11000 levels for Nifty.

Today: Indian Stock Market would open negative. Technically, Nifty is still in positive zone whereas BankNifty has entered into negative zone. Now, market would remain rangebound until both of the indices enters into the same zone or trend. Nifty would enter into negative zone once it closes below 10933 whereas BankNifty would enter into positive zone once it closes above 28039. Traders are suggested to wait for either of these two condition to confirm the trend and then can trade in the similar direction with the trend. BankNifty has formed DOJI pattern and hence once BankNifty breaches levels of 27587, we would see sharp buying in the market. The narrow Bollinger Bands shows that market is near to a sharp breakout on either side, so traders are suggested to follow the levels strictly.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.1162.95 crores whereas DIIs were net buyers of Rs.1502.27 crores in cash market for last trading session. Nifty would see strong support at 10965-10920-10900-10875 whereas strong resistance would be seen 11078-11118-11150-11185 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Stocks In F&O Ban Period: NIL.

NSE Nifty: (11023) The support for the Nifty is 10965-10920-10900-10875 and the resistance to the up move is at 11078-11118-11150-11185 levels.

NSE BankNifty: (27428) The support for BankNifty is 27380-27240-27172-27026 and the resistance to the up move is at 27580-27661-27740-27780-27880 levels.

BSE Sensex: (37333) The support for the Sensex is at 37270-37165-37110-37072-36980 and the resistance to the up move is at 37425-37530-37585-37660 levels.

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