Market Bullish Only If BankNifty Closes Above 33167, Until Then Trade With Caution

Last Trading Session: Indian Stock Market opened gap negative as predicted by EquityPandit. EquityPandit predicted that profit booking would be seen in the market and traders should add long positions only if BankNifty closes above 33167. Indian Stock Market opened gap negative and saw lows right at EquityPandit’s predicted support levels of 14770 for Nifty like a dot. Market recovered sharply from EquityPandit’s predicted support levels but finally, managed to close negative for the day. BankNifty closed right above EquityPandit’s predicted support levels of 32865.

Today: Indian Stock Market would open flat. Technically, analysis will remain the same. Nifty is still in the positive zone whereas Bank Nifty is in the negative zone. Bank Nifty would enter into the positive zone only if it closes above 33167 and Nifty would enter into negative zone if it closes below 14725. Once any of these two conditions satisfies, the market will see a sharp movement in that direction in days to come. Traders should remain cautious for now and wait for the confirmation of the trend. Weekly BankNifty Expiry will keep market highly volatile today.

Check Detailed Analysis of Nifty, BankNifty and Sensex For Today

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Nifty:

Bank Nifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.336 crores whereas DIIs were net sellers of Rs.676.67 crores in the cash market for the last trading session. Nifty would see strong support at 14815-14770-14715-14645 whereas strong resistance would be seen at 14890-14965-15035-15075 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (14851) The support for the Nifty is 14815-14770-14715-14645 and the resistance to the up move is at 14890-14965-15035-15075 levels.

NSE BankNifty: (32872) The support for BankNifty is 32700-32540-32365-32270 and the resistance to the up move is 33075-33240-33380-33515 levels.

BSE Sensex: (49162) The support for the Sensex is 49025-48880-48800-48660 and the resistance to the up move is at 49380-49440-49515-49606 levels.

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