Go Long At Dips Until Market Closes Below 11696 For Nifty And 30036 For BankNifty

Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that market is in positive zone and may see some profit booking but it would be an opportunity for traders to go long in the market and same happened. Indian Stock Market opened gap positive and saw highs right at EquityPandit predicted resistance levels of 30660 for BankNifty and 11850 for Nifty like a dot. Market saw sharp profit booking from intraday highs and managed to see lows near support of 11730 as predicted. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone. EquityPandit suggested traders to go long on dips in last trading session. Traders who went long at dips would be able to generate excellent profits today. Still the market is in positive trend and every downfall would be an opportunity for traders to go long at dips. Market forming Higher Low Higher High chart pattern in a very narrow channel. Breakout from the channel would suggest further movement but market looks to consolidate in this region for April contract. Market would enter into negative zone only if it closes below 11696 levels for Nifty and 30036 levels for BankNifty and if this happens then traders can close all long positions for now and initiate fresh short position. Trade below 11700 levels for Nifty would pose risk of further selling in the market but for now traders can continue to go long at dips at lower side of the channel and book profits in the upper region of the channel.

Nifty:

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FIIs were net buyers of Rs.1038.46 crores whereas DIIs were net sellers of Rs.337.59 crores in cash market for last trading session. Nifty would see strong support at 11730-11700-11685-11644 whereas strong resistance would be seen 11795-11820-11850-11880 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Results To Be Declared Today: AU Small Finance Bank, Deepak Fertilizers & Petrochemicals Corp Ltd, Lakshmi Vilas Bank, Lux Industries, Mahindra Lifespace Developers, Tejas networks Ltd.

Stocks In F&O Ban Period: IDBI, IDEA, PCJEWELLER and RELCAPITAL.

NSE Nifty: (11753) The support for the Nifty is 11730-11700-11685-11644 and the resistance to the up move is at 11795-11820-11850-11880 levels.

NSE BankNifty: (30223) The support for BankNifty is at 30140-30025-29970-29830 and the resistance to the up move is at 30380-30465-30515-30660 levels.

BSE Sensex: (39140) The support for the Sensex is at 39075-39016-38918-38800 and the resistance to the up move is at 39275-39380-39505-39606 levels.

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