Market To Consolidate Further But Still Bullish Until Nifty Holds Above 12180

Last Trading Session: Indian Stock Market opened negative for the day. EquityPandit predicted that market would consolidate and may see some profit booking before a big breakout and exactly same happened. Indian Stock Market consolidated for the whole day and finally managed to close flat for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Analysis would still remain same. Market would consolidate in a small range and would see sharp breakout in upcoming days. Overall, market would be considered bullish until it holds above 12180 levels for Nifty and 32034 levels for BankNifty. Traders should initiate fresh short positions only if market closes below these levels but until then traders should hold long positions in the market.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.1463.28 crores whereas DIIs were net sellers of Rs.1947.36 crores in cash market for last trading session. Nifty would see strong support at 12228-12200-12165-12125 whereas strong resistance would be seen at 12285-12310-12340-12380 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (12263) The support for the Nifty is 12228-12200-12165-12125 and the resistance to the up move is at 12285-12310-12340-12380 levels.

NSE BankNifty: (32339) The support for BankNifty is 32240-32175-32110-32035 and the resistance to the up move is 32380-32470-32540-32600 levels.

BSE Sensex: (41643) The support for the Sensex is 41600-41515-41440-41350 and the resistance to the up move is at 41740-41800-41880-41950 levels.

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