Sharp Positive Rally Surprised Traders, Market To See Breakout If BankNifty Closes Above 31200
Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that market is still bearish until Nifty closes above 11840. Market surprised Investors and traders with sharp positive rally despite global fear of Coronavirus. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market has entered into positive zone. Now market would be consider positive until it holds above 11705 for Nifty and 29943 for BankNifty. Though this sudden positive rally is not convincing and this movement can be a bull trap but once BankNifty closes above 31200 then we would see a sharp rally till 32000-34000 levels. Overall, market is bullish for now but traders should remain cautious and trade in lower quantity as high volatility persists.
Nifty:
BankNifty:
Check the Trend Of Major Indices and Stocks
FIIs were net buyers of Rs.366.21 crores whereas DIIs were net buyers of Rs.601.86 crores in cash market for last trading session. Nifty would see strong support at 11926-11900-11875-11850 whereas strong resistance would be seen at 12005-12041-12083-12125 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Important Results To Be Disclosed Today: Adani Enterprises, Adani Gas, Ajanta Pharma, Andhra Bank, Apollo Tyres, Berger Paints India, Bosch, Brigade Enterprises, Cadila Healthcare, Caplin Point Laboratories, Cera Sanitaryware, Cipla, Divis Laboratories, DLF, Engineers India, GE Power India, Godrej Agrovet, Greaves Cotton, Gujarat Gas Ltd, HPCL, Indiabulls Housing Finance, Jyothy Labs, MAS Financial Services, Max Financial Services, PNC Infratech, PTC India, Ratnamani Metals & Tubes, Schneider Electric Infrastructure, Shankara Building Products, Sudarshan Chemical Industries, V-Mart Retail and Zydus Wellness.
NSE Nifty: (11980) The support for the Nifty is 11926-11900-11875-11850 and the resistance to the up move is at 12005-12041-12083-12125 levels.
NSE BankNifty: (30687) The support for BankNifty is 30550-30445-30335-30227 and the resistance to the up move is 30800-30885-30950-31067-31200 levels.
BSE Sensex: (40789) The support for the Sensex is 40660-40600-40518-40440 and the resistance to the up move is at 40880-40995-41035-41110-41270 levels.
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