BankNifty Enters Negative Zone But Nifty Still In Positive Zone
Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that market would be considered positive until Nifty holds 7600 levels and traders should still buy at dips in the market and exactly same happened. Indian Stock Market fell down sharply in later half of trading session and saw a sharp dip below 7600 levels for Nifty but recovered sharply to close above EquityPandit’s predicted support levels of 7600 for Nifty. Traders, who followed EquityPandit’s advice to buy at dips near support might have made good profits during the last recovery. Finally, Indian Stock Market closed just above EquityPandit’s predicted support levels of 7600 for Nifty and 24950 for Sensex.
Today: Indian Stock Market would open flat with negative bias for the day. Technically, BankNifty has entered into negative zone but Nifty is still in positive zone. Traders can hold long positions in Nifty with strict stoploss of 7600 by closing but could initiate short positions in BankNifty for now. But beware that BankNifty would not see big breakdown until RBI Policy in hope of the rate cut. Maximum open interest are formed at 7700 for Nifty and 16000 levels for BankNifty, so it would act as strong resistance for Nifty and BankNifty for current expiry. So, until March F&O Expiry (March 31, 2016), Market would remain rangebound. Trade for now is to go long at dips and short at any positive movement. FIIs were again net buyers of whooping Rs.2042.94 crores whereas DIIs were net sellers of Rs.2494.44 crores in last trading session. Nifty would see strong support at 7600-7564-7500 whereas strong resistance would be seen at 7700-7730-7780-7855 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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NSE Nifty: (7615) The support for the Nifty is 7600-7564-7500 and the resistance to the up move is at 7700-7730-7780-7855 levels.
NSE BankNifty: (15605) The support for BankNifty is at 15500-15365-15200 and the resistance to the up move is at 15803-15956-16020-16156 levels.
BSE Sensex: (24966) The support for the Sensex is at 24834-24680-24550 and the resistance to the up move is at 24988-25060-25120-25280 levels.
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