Market To Consolidate, Initiate Short If It Closes Below 18297 for Nifty and 39231 for BankNifty

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Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is over-stretched and profit booking would be seen in the market and exactly the same happened. Indian Stock Market moved sharply positive and saw highs near EquityPandit’s predicted resistance levels of 18615 for Nifty, 40025 for BankNifty and 62240 for Sensex like a dot. Indian Stock Market saw sharp profit booking from there as predicted and saw lows right at EquityPandit’s predicted support levels of 18380 for Nifty like a dot. Traders who followed EquityPandit’s advice might have earned huge profits for the day.

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Today: Indian Stock Market will open flat. Technically, the Indian Stock Market is still in a positive zone. Market would enter into the negative zone only if it closes below 18297 for Nifty and 39231 for BankNifty. Traders can initiate fresh short positions if the market closes below these levels but until then traders should remain cautious and can continue to hold their positions.

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Check Detailed Analysis of Nifty, Bank Nifty and Sensex For Today

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.505.79 crores whereas DIIs were net sellers of Rs.2578.22 crores in the cash market for the last trading session. Nifty would see strong support at 18380-18315-18240-18170 whereas strong resistance would be seen at 18515-18580-18615-18660 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18418) The support for the Nifty is 18380-18315-18240-18170 and the resistance to the up move is at 18515-18580-18615-18660 levels.

NSE BankNifty: (39541) The support for Bank Nifty is 39380-39270-39215-39075 and the resistance to the up move is 39660-39770-39888-39940-40025 levels.

BSE Sensex: (61716) The support for the Sensex is 61615-61505-61440-61365 and the resistance to the up move is at 61880-61960-62110-62240 levels.

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