Market Rangebound Since Long, Breakout Expected Soon Once Range Breaks On Either Side

Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted last week that the market is still in a positive zone and traders can go long at every dip in the market until it holds above 14825 for Nifty and exactly the same happened. Indian Stock Market saw consolidation and remained rangebound for the whole week. Market recovered sharply from EquityPandit’s predicted support levels and finally managed to close flat for the week. Finally, Indian Stock Market closed gap negative for the day and flat for the week.

Market Today: Indian Stock Market would open positive. Indian Stock Market is still in a positive zone. Market would enter into a negative zone only if it closes below 14898 for Nifty and 35064 for BankNifty. If the market closes below these levels then we will definitely see a breakdown and sharp downfall would be seen in Nifty and BankNifty but until then the market would be considered bullish and traders can go long at dips near reversal levels. Traders can close all long positions and initiate fresh short positions if the market closes below these levels. Market has been consolidating in a very narrow range since the last 15 trading sessions and the narrowing Bollinger bands suggests that soon a sharp move would be witnessed on either side. Traders should follow reversal levels strictly by closing to capture the sharp move on either side.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.163.87 crores whereas DIIs were net sellers of Rs.942.60 crores in the cash market for the last trading session. Nifty would see strong support at 15030-14977-14880-14815 whereas strong resistance would be seen at 15140-15170-15244-15280 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
  
NSE Nifty: (15031) The support for the Nifty is 14977-14880-14815-14740 and the resistance to the up move is at 15080-15140-15170-15244.

NSE BankNifty: (35497) The support for BankNifty is 35365-35100-34800 and the resistance to the up move is 36075-36174-36324-36477.

BSE Sensex: (50792) The support for the Sensex today is 50625-50556-50505-50365-50110 and the resistance to the up move is at 50945-51035-51140-51270-51365 levels.

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