Last Market- Indian Stock Market opened flat with positive bias for the day. Indian Stock Market would continue to see positive momentum but would see some immediate resistance in 9860-9885 zone. Indian Stock Market moved sharply positive but saw highs right below resistance level of 9885 for Nifty. Sensex also saw strong resistance at resistance levels of 31688. Finally, Indian Stock Market closed flat. Nifty closed right below resistance levels of 9860.
This week Indian Stock Market to open flat with positive bias. Technically, Indian Stock Market is still in negative zone and analysis would remain same. BankNifty would enter into positive zone once it closes above 24351 whereas Nifty would enter into positive zone if it closes above 9901 levels. Nifty still possess some immediate resistance in 9860-9885 zone. 9950 is a major resistance for Nifty and the level to watch for, as breaching 9950 would confirm double bottom pattern, which is bullish in nature. If Nifty managed to breach 9950 in next few days then we would head towards new highs but until then market would continue to trade range bound. Once Nifty closes above 9901 and BankNifty closes above 24351, traders can go long in index. Overall, 9750 is strong support for Nifty on closing basis, so traders can go long at dips with strict stoploss of 9750 on closing basis.