Market To Consolidate Until BankNifty Trades Below 34914 By Closing

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that the market will remain range bound and traders can initiate fresh long positions if BankNifty closes above 34914. Indian Stock Market traded positive for the day and finally managed to close the gap positive for the day.

Today: Indian Stock Market will open flat. Technically, analysis will still remain the same. Nifty is still in the positive zone whereas Bank Nifty is still in the negative zone. Bank Nifty will enter into the positive zone if it closes above 34914. Traders can initiate fresh long positions if the market closes above 34914 for Bank Nifty. Overall, the market is rangebound for now until Bank Nifty closes above 34914. Breaching levels of 34914 for Bank Nifty will force the market to see a sharp positive rally.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2890.94 crores whereas DIIs were net buyers of Rs.1138.76 crores in the cash market for the last trading session. Nifty would see strong support at 15708-15660-15615-15540 whereas strong resistance would be seen at 15885-15945-15970-16035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15790) The support for the Nifty is 15708-15660-15615-15540 and the resistance to the up move is at 15885-15945-15970-16035 levels.

NSE BankNifty: (34827) The support for BankNifty is 34700-34608-34500-34365 and the resistance to the up move is 34952-35075-35270-35380 levels.

BSE Sensex: (52699) The support for the Sensex is 52608-52500-52365-52240-52035 and the resistance to the up move is at 52888-52945-53110-53270 levels.

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