Market To See Profit Booking, Initiate Short If Nifty Closes Below 17231

Last Trading Session: Indian Stock Market opened negative for the day. EquityPandit predicted that the Indian Stock Market near reversal levels but traders can hold long positions until Nifty above 17231 on closing basis and exactly the same happened. The Indian Stock Market moved sharply positive and finally managed to close positive for the day.

Today: Indian Stock Market will open gap negative. Technically, the Indian Stock Market is still in a positive zone. Market would enter into the negative zone once it closes below 17231 for Nifty and 36344 for BankNifty. Traders can initiate fresh short positions if the market closes below these levels but until then traders can hold long positions with strict stoploss on a closing basis.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.423.44 crores whereas DIIs were net buyers of Rs.704.21 crores in the cash market for the last trading session. Nifty would see strong support at 17325-17285-17240-17170 whereas strong resistance would be seen at 17440-17506-17570 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17369) The support for the Nifty is 17325-17285-17240-17170 and the resistance to the up move is at 17440-17506-17570 levels.

NSE BankNifty: (36683) The support for Bank Nifty is 36615-36504-36365-36240 and the resistance to the up move is 36940-37075-37180-37270 levels.

BSE Sensex: (58305) The support for the Sensex is 58025-57865-57750-57660 and the resistance to the up move is at 58415-58540-58660 levels.

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