Last Trading Session: Indian Stock Market opened flat as predicted. EquityPandit predicted that the market would still trade in the range and exactly the same happened. Indian Stock Market moved negative but saw support right above EquityPandit’s predicted support levels of 11530 for Nifty and 23615 for BankNifty like a dot. Finally, Indian Stock Market recovered from day lows but still managed to close negative for the day.
Market Today: Indian Stock Market would open positive. Technically, Nifty was still in the negative zone and now BankNifty has also entered into a negative zone. Market would see some short covering (positive movement) after downfall for consecutive 3 trading sessions but traders can go short at positive movement near resistance levels. Market would enter into a positive zone only if it closes above 11814 for Nifty and 24549 for BankNifty. Initiate long positions only if the market closes above these reversal levels. The US election would be held on November 03, 2020 and would affect the direction of global stock markets. Traders should follow reversal levels strictly for now.
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FIIs were net sellers of Rs.870.88 crores whereas DIIs were net buyers of Rs.631.11 crores in the cash market for the last trading session. Nifty would see strong support at 11605-11570-11530-11500 whereas strong resistance would be seen at 11715-11768-11880-11940 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11642) The support for the Nifty is 11605-11570-11530-11500 and the resistance to the up move is at 11715-11768-11880-11940.
NSE BankNifty: (23901) The support for BankNifty is 23740-23615-23500-23365 and the resistance to the up move is 24075-24270-24440-24575-24660.
BSE Sensex: (39614) The support for the Sensex today is 39450-39335-39200-39110 and the resistance to the up move is at 39880-39970-40035-40110-40270 levels.
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