Huge Volatility In Upcoming Week, Continue Long Until Nifty Holds Above 11469

  • Stock Market Analysis

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that BankNifty has breached the major trendline resistance and traders can continue to hold long until market hold above 11382 for Nifty and 22797 for BankNifty and exactly the same happened. Indian Stock Market moved sharply positive. Traders who followed EquityPandit's advice might have earned decent profits for the day. Finally, Indian Stock Market closed positive for the day. Bank Nifty closed right at EquityPandit's predicted resistance levels of 23600 like a dot.

Market Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in a positive zone. Analysis would still remain the same. We continuously advised since our prediction of August 20, 2020 that the market is ready to see a breakout in either direction as Bollinger Bands were narrowing down and since then we have seen a non-stop 1500 points rally in BankNifty. This week is event-loaded week with AGR verdict outcome and Moratorium case hearing and outcome both scheduled in upcoming week. Market would see huge volatility and traders should hedge their positions properly to avoid any volatility risk. Traders can continue to hold long positions until the market holds above 11469 for Nifty and 23173 for BankNifty. Once the market closes below these levels, only then traders should initiate fresh short positions. Traders and Investors can analyze any stock themselves just in a few minutes with StockFact, a free but most powerful analysis tool by EquityPandit.


Nifty:
NIFTY Prediction - EquityPandit

BankNifty:

BANKNIFTY Prediction -EquityPandit

FIIs were net buyers of Rs.1164.32 crores whereas DIIs were net sellers of Rs.809.27 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: (11559)
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: (23600)
The support for BankNifty is 23550-23465-23330-23240-23170 and the resistance to the up move is 23660-23740-23808-23880-24075.

BSE Sensex : (39113)
The support for the Sensex is 38940-38800-38747-38700-38540 and the resistance to the up move is at 39170-39240-39380-39470 levels.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles