Nifty Entered Positive Zone, Market To Rally Further If BankNifty Closes Above 21977

Last Trading Session: Indian Stock Market opened positive for the day as predicted by EquityPandit. EquityPandit predicted that traders can initiate fresh long positions only nifty closes above 10810 levels and until then the market would be considered bearish and traders can go short at positive rally. Indian Stock Market opened positive and moved sharply positive to breach EquityPandit’s predicted reversal levels of 10810 for Nifty. Once Indian Stock Market breached Equitypandit’s predicted reversal levels, it saw a sharp rally for the day. Finally, Indian Stock Market closed the gap positive for the day. BankNifty closed right below EquityPandit’s predicted reversal levels of 21977.

Today: Indian Stock Market would open negative. Technically, Nifty has entered into positive zone whereas BankNifty is still in negative zone. Now, once BankNifty closes above 21977, the market as a whole would be considered bullish. Traders can go long in the market with hedging the trade until BankNifty also closes above 21977 levels. Nifty would enter into a negative zone only if it closes below 10673 and until then it would be considered bullish. Next resistance persists at 11000-11200 for Nifty. Overall, the market would consolidate until BankNifty also enters into the positive zone above 21977 and once it is done, we would see a sharp positive rally in the market. If BankNifty is not able to close above 21977 in upcoming sessions, then we may again see sharp profit booking in the markets.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.697.08 crores whereas DIIs were net sellers of Rs.209.42 crores in the cash market for the last trading session. Nifty would see strong support at 10835-10745-10685-10600  whereas strong resistance would be seen at at 10945-10980-11035-11130 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

Important Results To Be Declared Today: ACC Ltd, Bombay Dyeing, Maharashtra Scooters and SBI Cards.

NSE Nifty: (10902) The support for the Nifty is 10835-10745-10685-10600 and the resistance to the up move is at 10945-10980-11035-11130.

NSE BankNifty: (21967) The support for BankNifty is 21815-21675-21440 and the resistance to the up move is 22140-22270-22385-22545.

BSE Sensex: (37020) The support for the Sensex 36888-36770-36700-36635-36500 and the resistance to the up move is at 37125-37270-37888-38035 levels.

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