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Nifty Enters Positive Zone But Market To Remain Rangebound As BankNifty Still In Negative Zone
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that the market would see short covering and traders should initiate long only if Nifty closes above 11421 and BankNifty above 23069. Indian Stock Market saw sharp short covering as predicted by EquityPandit. Nifty managed to close above EquityPandit’s predicted reversal levels but BankNifty was still under performer. Finally, Indian Stock Market closed the gap positive for the day.
Market Today: Indian Stock Market would open negative. Technically, Nifty has entered into positive zone but BankNifty is still in negative zone. Market may open negative and would see some recovery from there but overall the market would consolidate for a while. BankNifty would enter into the positive zone only if it closes above 23069 whereas Nifty would enter again into the negative zone if it closes below 11209 but until then the market would be in indecisive mode. Market would continue to see sideways movement in a range bound region until the trend is not confirmed. Once Nifty or BankNifty see a reversal, traders can initiate fresh movement in that direction.
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Nifty:
Check the Trend Of Major Indices and Stocks
FIIs were net buyers of Rs.838.37 crores whereas DIIs were net sellers of Rs.317.30 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: (11449) 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: (22466) The support for BankNifty is 22375-22240-22000-21925 and the resistance to the up move is 22606-22745-22850-23035-23170.
BSE Sensex: (38840) 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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