Market To See Sharp Breakdown If 30800 Breaches For BankNifty, L&T Results Today

Last Trading Session: Indian Stock Market opened negative as predicted by Equitypandit. EquityPandit predicted that market is still in bearish zone and traders should go short at every positive rally and exactly same happened. After a negative opening, Indian Stock market moved positive on the account of short covering but as predicted by EquityPandit, it again saw profit booking as BankNifty saw strong resistance at EquityPandit’s predicted resistance levels of 31169 like a dot. Traders who followed EquityPandit’s advice to go short at every positive rally might have earned huge profits for the day. Market saw lows right at EquityPandit’s predicted support levels of 12165 for Nifty and 30865 for BankNifty like a dot. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Marke tis still in negative zone for now. Market would enter into positive zone only if it closes above 12301 for Nifty and 31452 levels for BankNifty but until then market would be considered bearish. If we see in the BankNifty chart below, BankNifty has formed a classic Head & Shoulder Pattern and if BankNifty breaches 30800 then we would see sharp breakdown in the market. For now traders should continue to hold short positions and add more short once BankNifty manages to close below 30800.

Nifty:

BankNifty:

Click Here to Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.50.08 crores whereas DIIs were net sellers of Rs.307.81 crores in cash market for last trading session. Nifty would see strong support at 12125-12105-12070-12035 whereas strong resistance would be seen at 12201-12240-12270-12310 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Quarterly Results To Be Disclose Today: Alembic Pharma, Asian Paints, AU Small Finance Bank, Axis Bank, CEAT Ltd, Credit Access Grameen, Gateway Distriparks, K P R Mill Ltd, Larsen & Toubro Ltd, Motilal Oswal Financial Services, Raymond Ltd, RBL Bank Ltd, SBI Life Insurance Company, Syngene International Ltd and VST Industries.

NSE Nifty: (12170) The support for the Nifty is 12125-12105-12070-12035 and the resistance to the up move is at 12201-12240-12270-12310 levels.

NSE BankNifty: (30948) The support for BankNifty is 30865-30815-30700-30518 and the resistance to the up move is 31075-31169-31270-31340 levels.

BSE Sensex: (41324) The support for the Sensex is 41270-41180-41110-41025 and the resistance to the up move is at 41440-41518-40600-41660 levels.

Note:  If you wish to subscribe for premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services