Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that the market is still rangebound and profit booking would be seen now after a sharp positive rally a day before and exactly the same happened. Indian Stock Market saw sharp downfall on the account of profit booking and finally, managed to close the gap negative for the day.
Market Today: Indian Stock Market would open gap negative. Technically, Nifty is already in the negative zone while BankNifty would enter into the negative zone only if it closes below 23943. Once BankNifty enters the negative zone, traders can go short in the market. But until then traders should trade cautiously and hedge all the positions. Global markets saw sell-off over rising concerns for coronavirus cases surge. Indian Stock Market would also remain under pressure. Traders can take short positions home if BankNifty closes below 23943 levels.
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FIIs were net sellers of Rs.1130.98 crores whereas DIIs were net buyers of Rs.1.48 crores in the cash market for the last trading session. Nifty would see strong support at 11710-11660-11570-11530 whereas strong resistance would be seen at 11768-11880-11940-11980 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11730) The support for the Nifty is 11710-11660-11570-11530 and the resistance to the up move is at 11768-11880-11940-11980.
NSE BankNifty: (24233) The support for BankNifty is 24035-23930-23850-23740-23615 and the resistance to the up move is 24440-24575-24660-24765.
BSE Sensex: (39922) The support for the Sensex today is 39815-39728-39630-39450-39335 and the resistance to the up move is at 40035-40110-40270-40365 levels.
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