Market To Consolidate Until BankNifty Confirms Bullishness By Closing Above 30088

Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that Indian Stock Market would see short covering rally and traders can go short at rally until market trades below 11645 and exactly same happened. Nifty saw lows right near yesterday’s predicted support levels of 11570. Indian Stock Market moved sharply positive on the account of short covering rally and managed to breach the resistance of 11645 for Nifty. Finally, Indian Stock Market closed gap positive for the day. Nifty closed right below EquityPandit’s predicted resistance levels of 11730 like a dot.

Today: Indian Stock Market would open flat with negative bias. Technically, Nifty has entered into positive zone whereas BankNifty is still in negative zone. BankNifty would enter into positive zone only once it closes above 30088 levels. Market would consolidate until BankNifty enters into positive zone. As we can see in the below given charts that market has seen bullish movement yesterday but still it is below the trend line resistance. Market needs to see further positive movement today to confirm the bullish trend and a possible reversal. Today is F&O Expiry and traders can wait for the day or trade in very small quantity. Traders can undoubtedly go long in the market if BankNifty manages to close above 30088 levels. Once this happens, market would see new record highs in days to come.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.974.88 crores whereas DIIs were net sellers of Rs.657.06 crores in cash market for last trading session. Nifty would see strong support at 11700-11685-11650-11626 whereas strong resistance would be seen 11760-11800-11820-11850 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: Axis Bank, Biocon, Cyient, GHCL, Indiabulls Ventures, Maruti Suzuki, MCX, Rallis India, SBI Life Insurance and Tata Steel.

Stocks In F&O Ban Period: ADANIPOWER, DLF, IDBI, IDEA, JETWAIRWAYS AND RPOWER.

NSE Nifty: (11726) The support for the Nifty is 11700-11685-11650-11626 and the resistance to the up move is at 11760-11800-11820-11850 levels.

NSE BankNifty: (29861) The support for BankNifty is at 29800-29721-29650-29500 and the resistance to the up move is at 29950-30027-30088-30150-30270 levels.

BSE Sensex: (39055) The support for the Sensex is at 38998-38940-38800-38747-38700 and the resistance to the up move is at 39115-39240-39380-39500 levels.

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