Market To See Sideways Movement, Initiate Short In BankNifty Only If It Closes Below 23703

Last Trading Session: Indian Stock Market opened gap positive exactly as predicted. EquityPandit predicted that Indian Stock Market would remain highly volatile as the Supreme Court would deliver its AGR Verdict and exactly the same happened. Indian Stock Market remained very volatile throughout the day. Market moved sharply positive and saw highs right near EquityPandit’s predicted resistance levels of 39240 for Sensex. Bharti Airtel, Bajaj Finance and Asian Paints, Tata Steel were the top gainers for the day whereas ONGC and Axis Bank were the top losers for the day. Finally, Indian Stock Market closed positive for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 11470 like a dot.

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Market Today: Indian Stock Market would open flat. Technically, Nifty is in the negative zone but BankNifty is still in the positive zone. BankNifty would also enter into the negative zone if it closes below 23703 whereas Nifty would enter again into the positive zone only if it closes above 11617. Market would still see sideways movement until Nifty and BankNifty are in opposite zones. Traders are suggested to wait until the confirmation of the trend. If Nifty closes above 11617 then traders can initiate fresh long in the market and if BankNifty closes below 23703 then traders can initiate fresh short positions but until then trade with very small quantities.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.486.09 crores whereas DIIs were net sellers of Rs.775.23 crores in the cash market for the last trading session. Nifty would see strong support at 11430-11400-11365-11300  whereas strong resistance would be seen at 11500-11555-11600-11682 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (11470) The support for the Nifty is 11430-11400-11365-11300 and the resistance to the up move is at 11500-11555-11600-11682.

NSE BankNifty: (23812) The support for BankNifty is 23658-23550-23465-23330-23240 and the resistance to the up move is 24075-24200-24270-24440.

BSE Sensex: (38901) The support for the Sensex today is 38785-38660-38500-38340 and the resistance to the up move is at 39075-39240-39380-39465 levels.

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