Market Still Rangebound, Initiate Long Only If BankNifty Closes Above 34914

Last Trading Session: Indian Stock Market opened gap positive as predicted. EquityPandit predicted that traders should initiate fresh long positions only if BankNifty closes above 34914 and exactly the same happened. Indian Stock Market opened positive but was not able to sustain higher levels as market was not able to breach levels of 52914. BankNifty saw highs right at EquityPandit’s predicted reversal levels of 52914 like a dot. Finally, Indian Stock Market fell down sharply from there and closed the gap negative for the day.

Today: Indian Stock Market will open flat. Technically, Nifty is still in the positive zone whereas BankNifty is still in the negative zone. BankNifty will enter into the positive zone only if it closes above 34914 whereas Nifty will enter into the negative zone if it manages to close below 15654 levels. For now traders should remain cautious and should wait for either levels to breach and can take trade in that direction.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.3156.53 crores whereas DIIs were net buyers of Rs.1317.20 crores in the cash market for the last trading session. Nifty would see strong support at 15707-15660-15608-15565 whereas strong resistance would be seen at 15808-15885-15955-16035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15687) The support for the Nifty is 15608-15565-15505-15385 and the resistance to the up move is at 15715-15770-15808-15885 levels.

NSE BankNifty: (34574) The support for BankNifty is 34500-34365-34240 and the resistance to the up move is 34715-34895-35075-35140 levels.

BSE Sensex: (52306) The support for the Sensex is 52110-52035-51945-51815 and the resistance to the up move is at 32508-32670-52740-52815-52888 levels.

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