Market Still Rangebound, Sharp Rally Only If Nifty Closes Above 11983
Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Nifty entered the negative zone but BankNifty is still in the positive zone and hence the market can see a bounce back and exactly the same happened. BankNifty moved sharply positive as predicted. Finally, Indian Stock Market closed the gap positive for the day.
Market Today: Indian Stock Market would open negative. Technically, Nifty is still in the negative zone whereas Bank Nifty is still in the positive zone. Market will ease down and some profit booking will be seen after a sharp positive movement yesterday. Market will continue to consolidate until either Nifty enters into the positive zone or Bank Nifty enters into the negative zone. The Nifty would enter into the positive zone once it closes above 11986 whereas BankNifty would enter into the negative zone once it closes below 23943. Traders can initiate a fresh directional trade only when any of these happens but until then the market would continue to consolidate and traders can trade between EquityPandit’s predicted support and resistance levels.
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FIIs were net buyers of Rs.3514.89 crores whereas DIIs were net sellers of Rs.1570.80 crores in the cash market for the last trading session. Nifty would see strong support at 11830-11800-11765-11710 whereas strong resistance would be seen at 11940-11980-12025-12083 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11889) The support for the Nifty is 11830-11800-11765-11710 and the resistance to the up move is at 11940-11980-12025-12083.
NSE BankNifty: (24770) The support for BankNifty is 24565-24415-24280-24110 and the resistance to the up move is 24880-25035-25230-25380.
BSE Sensex: (40522) The support for the Sensex today is 40365-40240-40110-40035 and the resistance to the up move is at 40665-40740-40800-40880 levels.
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