SC Hearing On Loan Moratorium To Continue Today And Would Affect The Further Market Direction

Last Trading Session: Indian Stock Market opened flat exactly as predicted by EquityPandit. EquityPandit predicted that market would see sideways movement and traders should initiate short in BankNifty only if it closes below 23703. Indian Stock Market moved negative and Nifty saw lows right at EquityPandit’s predicted support levels of 11430 like a dot. Market recovered sharply from there and coincidentally saw highs right at EquityPandit’s predicted resistance levels of 11555 like a dot. Finally, Indian Stock Market managed to close positive for the day.

Market Today: Indian Stock Market would open positive. Technically, Nifty is still in the negative zone but BankNifty is in the positive zone. Analysis remains the same. The Nifty would enter again in the positive zone once it closes above 11617 whereas BankNifty would enter into the negative zone once it closes below 23703. Today, the Loan Moratorium hearing will continue and the market may see huge volatility for the day. On the top of it, we have weekly expiry that would add to volatility. Traders should hedge their positions properly for the day. Traders can initiate fresh short positions if BankNifty closes below 23703 or else can initiate fresh long positions if Nifty closes above 11617 but until then the market would see sideways movement and traders should wait for the confirmation of the trend.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.990.57 crores whereas DIIs were net sellers of Rs.657.48 crores in the cash market for the last trading session. Nifty would see strong support at 11495-11430-11400-11365 whereas strong resistance would be seen at 11555-11600-11682-11703 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (11535) The support for the Nifty is 11495-11430-11400-11365 and the resistance to the up move is at 11555-11600-11682-11703.

NSE BankNifty: (23875) The support for BankNifty is 23658-23550-23465-23330-23240 and the resistance to the up move is 24075-24200-24270-24440.

BSE Sensex: (39086) The support for the Sensex today is 38785-38660-38500-38340 and the resistance to the up move is at 39240-39380-39465-39660 levels.

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