Last Trading session Indian Stock Market opened flat for the day.Further short covering can be seen but Nifty in consolidation range of 9020-9123 levels and exactly same happened. Indian Stock market consolidated for the whole day. BankNifty moved sharply positive and entered into positive zone. Nifty saw strong resistance levels of 9130 like a dot. Finally, Indian Stock Market closed flat for the day but BankNifty saw gap positive closing.
Indian Stock Market would open flat with negative bias. Technically, Nifty is still in negative zone but BankNifty has entered into positive zone. Nifty would enter into positive zone only if it closes above 9123 levels. Bulls are loosing momentum at higher levels but are accumulating at lower levels. We may see some profit booking at these levels but Nifty would witness support at 9050-9020 levels. BankNifty has already covered the gap and is stronger than Nifty. Nifty has formed Doji pattern and hence breaching levels of 9088 would force Nifty to see some profit booking. Traders can go long in the market if Nifty manages to close above 9123 levels but until then market would continue to consolidate in a range of 9020-9123 levels. Breaching the range on either side on closing basis would decide further market trend and until then trade is to go long at dips and sell at positive rally. Mutual Funds normally infuse funds in the market as March 31 is year end NAV time. So there is strong possibility of DIIs, who were seller for almost whole month, to turn buyers in upcoming week, which may give some strength to the market.