Last Trading Session: Indian Stock Market opened gap negative as predicted. EquityPandit predicted that the market would see further downfall over rising concerns of Coronavirus cases and exactly the same happened. Indian Stock Market saw a sharp downfall as predicted. Finally, Indian Stock Market closed the gap negative for the day.
Market Today: Indian Stock Market would open flat with negative bias. Technically, Nifty is still in the negative zone while BankNifty is still in the positive zone. BankNifty recovered sharply from day lows to close above our reversal levels. Market would continue to see sideways movement in a rangebound region. Overall market is rangebound until either BankNifty enters into the negative zone by closing below 23943 levels or else Nifty enters into the positive zone by closing above 11839 levels. Once any of these reversals take place, traders can trade in that direction but until then the market would remain rangebound with high volatility.
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FIIs were net sellers of Rs.420.95 crores whereas DIIs were net sellers of Rs.253.41 crores in the cash market for the last trading session. Nifty would see strong support at 11605-11570-11530-11500 whereas strong resistance would be seen at 11715-11768-11880-11940 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11671) The support for the Nifty is 11605-11570-11530-11500 and the resistance to the up move is at 11715-11768-11880-11940.
NSE BankNifty: (24092) The support for BankNifty is 23850-23740-23615-23500 and the resistance to the up move is 24270-24440-24575-24660-24765.
BSE Sensex: (39750) The support for the Sensex today is 39630-39450-39335-39200 and the resistance to the up move is at 39880-39970-40035-40110-40270 levels.
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