Market Today: Indian Stock Market would open positive. Technically, the Indian Stock Market is still in a positive zone. The market is over-stretched but would still be considered bullish at this point of time. The market would enter into a negative zone once it closes below 11528 for Nifty and 23638 for Bank Nifty. Traders should initiate short positions only if the market closes below these levels but until then traders can continue to hold long positions in the market. As stated on August 20, 2020, that market would see a sharp breakout on either side Bollinger Bands are contracting and also suggested traders to continue long in the market. Since then we have seen a non-stop rally in as it has seen a breakout from major trend line resistance that we stated a few days back. Bank Nifty is already discounted as compared to the benchmark indices and has a further room for upside. Overall, the market is bullish and traders can continue to hold long positions until it closes below EquityPandit’s predicted reversal levels. Traders and Investors can analyze any stock themselves just in a few minutes with StockFact, a free but most powerful analysis tool by EquityPandit.
FIIs were net buyers of Rs.1004.11 crores whereas DIIs were net sellers of Rs.543.56 crores in the cash market for the last trading session. Nifty would see strong support at 11600-11570-11530-11500 whereas strong resistance would be seen at 11682-11700-11730-11770 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11648) The support for the Nifty is 11600-11570-11530-11500 and the resistance to the up move is at 11682-11700-11730-11770.
NSE BankNifty: (24524) The support for BankNifty is 24360-24270-24150-24050 and the resistance to the up move is 24660-24730-24880-25075-25240.
: (39467) The support for the Sensex today is 39375-39240-39110-39035 and the resistance to the up move is at 39590-39645-39707-39815-39880 levels.