Last trading session as we said, Indian Stock Market opened positive for the day. The market would open positive but would consolidate in a rangebound region and exactly same happened. Indian Stock Market moved sharply positive while opening but was not able to hold resistance levels of 9500 and fell down sharply. Overall Market consolidated for the whole day between support and resistance levels of 9400 and 9500 respectively.BankNifty also saw lows right predicted support levels of 22629 like a dot. Finally, Indian Stock Market closed flat for the day.
Today Indian Stock Market would open positive. Technically, analysis would remain same. Nifty is still in negative zone whereas BankNifty is in positive zone. Nifty would enter into positive zone once it closes above 9516 levels whereas BankNifty would enter into negative zone once it closes below 22685 levels. So, until either of that happens, traders should hold cash in hand as market would continue to consolidate. GST rates have been disclosed on Friday and it would affect the trend of few of the industries affecting Indian Stock Market. US FED would also announce the minutes of meeting on May 24, 2017 that would give some clarity about possible rate hike in June. BankNifty has also formed DOJI candlestick pattern and hence it also suggest uncertainty of the trend. Intraday Traders can go long if BankNifty breaches levels of 22903 whereas go short if BankNifty breaches 22628 levels. US politics and Trump administration would also be eyed for the upcoming week. Overall, traders should hold cash in hand until Nifty breaches the range of 9400-9516. Further positions should be taken only once this range is broken on closing basis.