Further Correction To Be Seen But Market Bullish Until Nifty Holds Above 11877

Last Trading Session: Indian Stock Market opened negative as predicted. EquityPandit predicted that market would see some profit booking but traders can go long at dips until market holds 12000 levels for Nifty and exactly same happened. Indian Stock Market moved sharply negative and saw lows right near EquityPandit’s predicted support levels of 12000 levels for Nifty, 31500 levels for BankNifty and 40035 levels for Sensex like a dot. BankNifty recovered sharply from there but saw highs right at EquityPandit’s predicted resistance levels of 31752 like a dot. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in positive zone. Analysis would still remain same. Market would see further profit booking and close below 12000 levels for Nifty would induce further selling in the market in days to come. Though selling would be seen below 12000 levels for Nifty but market would enter into negative zone only if Nifty closes below 11877 levels. Until then every downfall would be temporary in nature and recovery may be seen anytime.

BankNifty:

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FIIs were net sellers of Rs.416.08 crores whereas DIIs were net sellers of Rs.355.42 crores in cash market for last trading session. Nifty would see strong support at 12000-11940-11880-11835 whereas strong resistance would be seen 12150-12188-12240 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Stocks In F&O Ban Period: IDBI.

NSE Nifty: (12022) The support for the Nifty is 12000-11940-11880-11835 and the resistance to the up move is at 12070-12120-12150-12188 levels.

NSE BankNifty: (31589) The support for BankNifty is at 31500-31380-31340-31270 and the resistance to the up move is at 31750-31800-31940-32035 levels.

BSE Sensex: (40084) The support for the Sensex is at 40035-40000-39940-39840 and the resistance to the up move is at 40240-40380-40500-40600 levels.

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