Market Still Consolidating, Go Long At Dips Until Nifty Above 17052

Last Trading Session: Indian Stock Market opened gap positive for the day. Indian Stock Market moved sharply positive but saw strong resistance at EquityPandit’s predicted resistance levels of 17440 for Nifty like a dot and fell down sharply from there. Finally, Indian Stock Market closed marginally negative for the day but BankNifty closed gap negative for the day.

Today: Indian Stock Market will open flat. Technically, the Indian Stock Market is currently in a positive zone. Market would enter into the negative zone once it closes below 17052 for Nifty and 37164 for BankNifty. Further profit booking can’t be ruled out but traders can continue to go long at dips until it trades above 17052 for Nifty and 37164 for BankNifty.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1242.10 crores whereas DIIs were net buyers of 901.10 crores in the cash market for the last trading session. Nifty would see strong support at 17270-17215-17140-17075 whereas strong resistance would be seen at 17440-17515-17570-17660 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17305) The support for the Nifty is 17270-17215-17140-17075 and the resistance to the up move is at 17440-17515-17570-17660 levels.

NSE BankNifty: (37532) The support for Bank Nifty is  37365-37240-37110-36940 and the resistance to the up move is 37740-37870-37952-38075 levels.

BSE Sensex: (57892) The support for the Sensex is 57715-57660-57508-57340 and the resistance to the up move is 58035-58240-58385-58540 levels.

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