May Series Expected To Be Bullish, Initiate Long Once BankNifty Closes Above 30088

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit suggested that Nifty has entered into positive zone but BankNifty is still in negative zone. EquityPandit also suggested last week that market would continue to consolidate until BankNifty closes above 30088 and exactly same happened. Market saw lows right at EquityPandit’s predicted support levels of 11650 for Nifty and 38747 for Sensex. Market recovered sharply from there to see highs right near our predicted resistance levels of 39115 for Sensex and 11760 for Nifty like a dot. Indian Stock Market consolidated for the whole week and finally closed flat for the last trading day. BankNifty closed gap negative for the day.

Today: Indian Stock Market would open flat. Technically, Nifty is still in positive zone whereas BankNifty is still in negative zone. Now for market to confirm bullish trend, BankNifty needs to close above 30088 whereas to confirm bearish trend, Nifty needs to close below 11597 and until then Market would continue to consolidate. Monthly charts of BankNifty are suggesting bullish trend and have seen a channel breakout after a long time that suggest that overall, market is bullish for this month with targets of 32500 and traders should remain positively bias but BankNifty once closes above 30088 would give more confidence. The channel in Nifty and Trendline in BankNifty that was acting as support earlier is now acting as a resistance. Once this resistance is breached, we would see sharp positive rally in the market.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.114.59 crores whereas DIIs were net buyers of Rs.730.02 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: Bandhan Bank, Blue Star, Bombay Dyeing, Dabur India, Greaves Cotton, Hatsun Agro Product, Hindustan Zinc, Intellect Design, JM Financial, Kansai Nerolac Paints, Larsen & Toubro Infotech, Laurus Labs, MRF, Radico Khaitan, Sundaram Clayton, Suntech Realty and Tata Power Company.

Stocks In F&O Ban Period: NIL.

NSE Nifty: (11748) 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: (29765) The support for BankNifty is at 29721-29650-29500-29400 and the resistance to the up move is at 29852-29950-30027-30088-30150 levels.

BSE Sensex: (39032) The support for the Sensex is at 38940-38800-38747-38700 and the resistance to the up move is at 39115-39240-39380-39500 levels.

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