Market Still In Positive Zone, Continue Long Until Nifty Holds Above 12226

Last Trading Session: Indian Stock Market opened flat exactly as predicted by EquityPandit. EquityPandit predicted that market would consolidate in a rangebound region but traders should hold long positions for now and exactly same happened. Indian Stock Market moved sharply but was not able to sustain higher levels and saw sharp profit booking. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market would open flat. Market still in positive zone until it holds above 12226 for Nifty and 31678 for BankNifty. Market would continue to consolidate and traders are still suggested to hold long positions for now. Initiate fresh short positions only if market closes below these reversal levels.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.395.24 crores whereas DIIs were net sellers of Rs.184.65 crores in cash market for last trading session. Nifty would see strong support at 12320-12300-12284-12230 whereas strong resistance would be seen at 12380-12440-12500 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (12356) The support for the Nifty is 12320-12300-12284-12230 and the resistance to the up move is at 12380-12440-12500 levels.

NSE BankNifty: (31854) The support for BankNifty is 31730-31600-31500 and the resistance to the up move is 31960-32035-32110 levels.

BSE Sensex: (41933) The support for the Sensex is 41800-41720-41650-41600-41518 and the resistance to the up move is at 41970-42035-42110-42240 levels.

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