Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Nifty has entered into negative zone whereas BankNifty is still in positive zone. EquityPandit also predicted that traders should initiate short positions only if BankNifty closes below 28912 levels. Indian Stock Market opened positive and moved sharply negative but BankNifty saw strong support near our reversal levels of 28912 and saw a sharp reversal from there. Finally, Indian Stock Market closed the gap positive for the day.
Market Today: Indian Stock Market would open flat. Technically, Nifty is still in the negative zone whereas BankNifty is in the positive zone. The Nifty would enter into the positive zone only if it closes above 13082 but until then the risk of correction would persist. BankNifty is still in the positive zone for now and will enter into the negative zone only if it closes below 28912. So, traders need to hold cash at this point of time and wait for trend confirmation. Traders can initiate fresh long positions if Nifty closes above 13082 and fresh short positions can be initiated only if BankNifty closes below 28912. Until then trade in small quantities or hold cash in hand.
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FIIs were net buyers of Rs.2027.31 crores whereas DIIs were net sellers of Rs.3400.10 crores in the cash market for the last trading session. Nifty would see strong support at 12935-12865-12805-12750 whereas strong resistance would be seen at 13035-13075-13145-13180 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (12987) The support for the Nifty is 12935-12865-12805-12750 and the resistance to the up move is at 13035-13075-13145-13180.
NSE BankNifty: (29550) The support for BankNifty is 29440-29380-29240-29035 and the resistance to the up move is 29660-29740-29815-29880-29955.
BSE Sensex: (44260) The support for the Sensex today is 44035-44945-43815-43700 and the resistance to the up move is at 44380-44540-44660-44715 levels.
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