Indian Stock Market Still Bullish, Continue Long Until Nifty Holds 11528 By Closing

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that the market would continue huge volatility and traders should continue to hold long positions in the market. EquityPandit also predicted that BankNifty has breached its trendline resistance and would see a sharp positive rally and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 11682 for Nifty. BankNifty saw a sharp positive rally and closed 923 points positive. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed the gap positive for the day. Sensex closed right below EquityPandit’s predicted resistance levels of 39470.

Market Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in a positive zone. Market is over-stretched but would still be considered bullish at this point of time. Market would enter into a negative zone once it closes below 11528 for Nifty and 23638 for Bank Nifty. Traders should initiate short positions only if the market closes below these levels but until then traders can continue to hold long positions in the market. As stated on August 20, 2020 that market would see a sharp breakout on either side Bollinger Bands are contracting and also suggested traders to continue long in the market. Since then we have seen a non-stop rally in Bank Nifty as it has seen a breakout from major trend line resistance that we stated a few days back. Bank Nifty is already discounted as compared to the benchmark indices and has a further room for upside. Overall, the market is bullish and traders can continue to hold long positions until it closes below EquityPandit’s predicted reversal levels.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.1004.11 crores whereas DIIs were net sellers of Rs.543.56 crores in the cash market for the last trading session. Nifty would see strong support at 11600-11570-11530-11500  whereas strong resistance would be seen at 11682-11700-11730-11770 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (11648) The support for the Nifty is 11600-11570-11530-11500 and the resistance to the up move is at 11682-11700-11730-11770.

NSE BankNifty: (24524) The support for BankNifty is 24360-24270-24150-24050 and the resistance to the up move is 24660-24730-24880-25075-25240.

BSE Sensex: (39467) The support for the Sensex today is 39375-39240-39110-39035 and the resistance to the up move is at 39590-39645-39707-39815-39880 levels.

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