Lockdown Worries Will Keep Market Under Pressure, Hold Short Until Nifty Below 14662

Last Trading Session: Indian Stock Market opened flat as predicted. EquityPandit predicted that BankNifty has already entered the positive zone whereas Nifty is still in the negative zone. EquityPandit predicted that traders can take long positions home if Nifty closes above 14662. Market moved sharply positive but finally eased down to close flat for the day. BankNifty saw strong resistance near EquityPandit’s predicted resistance levels of 32340 and fell down sharply to close negative.

Today: Indian Stock Market would open gap negative. Technically, analysis would remain the same. Nifty is still in the negative zone whereas Bank Nifty is still in the positive zone. Now, Nifty would enter into positive zone only if it closes above 14662 for Nifty whereas Bank Nifty would again enter into negative zone if it closes below 31143 levels. Lock down worries will keep the market under pressure. Rajasthan government has ordered closure of all offices and market for next fifteen days until May 3, 2021. Traders can hold short positions until Nifty holds below 14662. Long should be initiated only if Nifty closes above 14662 levels.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.437.51 crores whereas DIIs were net buyers of Rs.657.55 crores in the cash market for last trading session. Nifty would see strong support at 14556-14505-14440-14365-14303 whereas strong resistance would be seen at 14660-14740-14808-14888 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (14618) The support for the Nifty is 14556-14505-14440-14365-14303 and the resistance to the up move is at 14660-14740-14808-14888 levels.

NSE BankNifty: (31977) The support for BankNifty is 31865-31770-31600-31440 and the resistance to the up move is 32170-32340-32506-32680 levels.

BSE Sensex: (48832) The support for the Sensex is 48660-48506-48440-48365 and the resistance to the up move is at 49075-49170-49315-49380-49515 levels.

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