Nifty Forming Inverse Head And Shoulder Pattern, Sharp Breakout If BankNifty Closes Above 27592

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market would see positive momentum but reversal only above 10983 for Nifty and exactly same happened. Indian Stock Market moved sharply positive for the day and finally, closed gap positive for the day. Nifty closed right below EquityPandit’s predicted resistance levels of 11009.

Today: Indian Stock Market would open flat. Technically, Nifty has entered into positive zone whereas BankNifty is still in negative zone. BankNifty would enter into positive zone once it closes above 27592 levels. Nifty is forming a Reverse Head & Shoulder Pattern, confirming which market would see sharp positive rally and Nifty could see levels of 11340 in next few sessions. Traders can hold long positions for now and can add further long positions if BankNifty closes above 27592 levels.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.188.08 crores whereas DIIs were net buyers of Rs.686.47 crores in cash market for last trading session. Nifty would see strong support at 10965-10920-10900 whereas strong resistance would be seen at 11032-11078-11118-11157 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: (11003) The support for the Nifty is 10965-10920-10900 and the resistance to the up move is at 11032-11078-11118-11157 levels.

NSE BankNifty: (27504) The support for BankNifty is 27425-27380-27240-27172-27026 and the resistance to the up move is at 27592-27661-27740-27780-27880 levels.

BSE Sensex: (37145) The support for the Sensex is 37035-36940-36850-36814-36770 and the resistance to the up move is at 37270-37368-37500 levels.

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