BankNifty Breaches Trend line Resistance, Continue Long Until Nifty Holds 11382

  • by THO
  • 1 year ago
  • news
  • 1
Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the market is still in positive trend and traders should continue to hold long positions until above 11346 and exactly the same happened. Indian Stock Market moved sharply positive as predicted and saw highs right near EquityPandit’s predicted resistance levels of 11556 for Nifty. Traders who followed EquityPandit’s advice might have earned huge profits for the day. IndusInd (+5.81%), Reliance Industries (NS:) (+2.65%), Kotak Bank (+2.61%), Axis Bank (+2.56%) and Bajaj-Auto (+2.42%) were the major gainers for the day. Finally, Indian Stock Market closed the gap positive for the day.

Market Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in a positive zone. Market is a bit stretched but surprisingly breached its 5 months long trendline resistance and managed to close above those levels. This leaves Bank Nifty more room for upside. Market would enter into a negative zone only if it closes above 11382 for Nifty and 22797 for BankNifty but until then traders should continue to hold long positions in the market.Traders and Investors can analyze any stock themselves just in a few minutes with StockFact, a free but most powerful analysis tool by EquityPandit.



BANKNIFTY Prediction -EquityPandit

FIIs were net buyers of Rs.1581.31 crores whereas DIIs were net sellers of Rs.1194.62 crores in the cash market for the last trading session. Nifty would see strong support at 11515-11498-11450-11412 whereas strong resistance would be seen at 11605-11630-11682-11700 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (11550) The support for the Nifty is 11515-11498-11450-11412 and the resistance to the up move is at 11605-11630-11682-11700.

NSE BankNifty: (23414) The support for BankNifty is 23240-23180-23140-23060-22940 and the resistance to the up move is 23540-23600-23660-23740-23808.

: (39074) The support for the Sensex today is 38940-38800-38747-38700-38540 and the resistance to the up move is at 39170-39240-39380-39470 levels.

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