Market Still Bullish Until Nifty Holds Above 14356 By Closing, Continue Long For Now
Last Trading Session: Indian Stock Market opened negative for the day as predicted by EquityPandit. EquityPandit predicted that the market would consolidate but is still positive and traders should continue long positions until Nifty holds above 14288 for Nifty and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right near EquityPandit’s predicted resistance levels of 14585 for Nifty. Finally, Indian Stock Market closed the gap positive for the day. Sensex closed right near EquityPandit’s predicted resistance levels of 49515. BankNifty also closed right at EquityPandit’s predicted resistance levels of 32340 like a dot.
Market Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in the positive zone. Analysis would still remain the same. Market is still bullish and would enter into a negative zone only if it closes below 14356 for Nifty and 31696 for BankNifty. Traders should initiate fresh short positions only if the market closes below these levels but until then traders should continue to hold long positions in the market.
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FIIs were net buyers of Rs.571.47 crores whereas DIIs were net sellers of Rs.1334.50 crores in the cash market for the last trading session. Nifty would see strong support at 14500-14440-14365-14315 whereas strong resistance would be seen at 14615-14660-14740-14808 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (14563) The support for the Nifty is 14500-14440-14365-14315 and the resistance to the up move is at 14615-14660-14740-14808.
NSE BankNifty: (32339) The support for BankNifty is 32115-32035-31940-31880 and the resistance to the up move is 32440-32506-32660-32770.
BSE Sensex: (49517) The support for the Sensex today is 49365-49240-49110-49025 and the resistance to the up move is at 49610-49715-49806-49880 levels.
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