Market Rangebound, Initiate Long Only If BankNifty Closes Above 35132

Last Trading Session: Indian Stock Market opened flat with negative bias exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would be considered bullish only if BankNifty closes above 35034 but until then traders should trade cautiously and exactly the same happened. Indian Stock Market moved sharply positive after a flat opening but saw strong resistance right near EquityPandit’s predicted resistance levels of 15885 for Nifty and 53110 for Sensex. Finally, the market saw profit booking from there and closed negative for the day.

Today: Indian Stock Market will open positive. Technically, analysis will remain the same. Nifty is still in the positive zone while BankNifty is still in the negative zone. BankNifty would enter into the positive zone only if it manages to close above 35132 and if that happens then the market would see a sharp positive rally whereas Nifty would enter into the negative zone if it closes above 15707 and if that happens then the market would see a sharp downfall. Market would remain in a rangebound region until either of these two conditions is satisfied. Traders can wait for the trend confirmation and once any of these two conditions is satisfied, traders can trade in that direction.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2376.79 crores whereas DIIs were net buyers of Rs.1551.27 crores in the cash market for the last trading session. Nifty would see strong support at 15770-15708-15660-15615 whereas strong resistance would be seen at 15885-15945-15970-16035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15824) The support for the Nifty is 15770-15708-15660-15615 and the resistance to the up move is at 15885-15945-15970-16035 levels.

NSE BankNifty: (34950) The support for Bank Nifty is 34865-34715-34608-34500 and the resistance to the up move is 35085-35240-35380-35515 levels.

BSE Sensex: (52852) The support for the Sensex is 52715-52660-52608-52500-52365 and the resistance to the up move is at 53110-53270-53380-53540 levels.

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