Market To Consolidate Until It Closes Out Of 10466-10618 Range For Nifty

Last Trading Session: Indian Stock Market opened flat with positive bias. Equity Pandit predicted that market is still in positive zone until Nifty holds above 10446 and traders can hold long positions. Indian Stock Market moved sharply positive but saw profit booking at higher levels and finally managed to close flat for the day. BankNifty closed positive but right below EquityPandit’s predicted resistance levels of 25940.

Today: Indian Stock Market would open flat. Technically, analysis would still remain same and Indian Stock Market is still in positive zone. Market would enter into negative zone only if it closes below 10466 for Nifty and 25602 for BankNifty. Market would continue to consolidate until it closes out of 10466-10618 range. Traders can initiate fresh short position only if market closes below 10466 for Nifty and 25602 for BankNifty. Overall, market would be considered positive and traders can continue to hold long positions with strict stoploss below 10466 on closing basis. Whereas close above 10620 would induce further buying into the market and market would see sharp breakout in that case. BankNifty has formed DOJI kind of candlestick pattern in last trading session that suggest indecisiveness and also provide us with an initial signal that BankNifty would be bullish above 26050 whereas bearish momentum would be generated below 25800 levels. Traders can consider these levels for taking trading decisions.

FIIs were net buyers of Rs.277.38 crores whereas DIIs were net sellers of Rs.272.24 crores in cash market for last trading session. Nifty would see strong support at 10530-10500-10438-10400 whereas strong resistance would be seen 10632-10662-10705-10765 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: (10576) The support for the Nifty is 10530-10500-10438-10400 and the resistance to the up move is at 10632-10662-10705-10765 levels.

NSE BankNifty: (25930) The support for BankNifty is 25800-25665-25580-25500 and the resistance to the up move is at 26070-26130-26270-26340-26438 levels.

BSE Sensex: (35142) The support for the Sensex is at 35070-35000-34970-34850 and the resistance to the up move is at 35380-35440-35585-35645 levels.

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Source: Equitypandit