Market Strong Until Nifty Above 17276, Initiate Short Only Below These Levels
Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market is still in a positive zone and traders should continue to hold long positions until Nifty holds above 17231 and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 17440 for Nifty like a dot. Finally, the Indian Stock Market closed positive for the day. BankNifty closed right at EquityPandit’s predicted resistance levels of 36615 like a dot.
Today: Indian Stock Market will open Negative. Technically, the Nifty is over-stretched but the market is still in the positive zone. Market would enter into the negative zone only if it closes below 17276 for Nifty and 36344 for BankNifty. Market to see some profit booking but traders should initiate fresh short positions only if the market closes below these levels but until then traders can continue to hold long positions in the market.
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FIIs were net buyers of Rs.1649.60 crores whereas DIIs were net sellers of Rs.310.31 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: (17380) 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: (36613) The support for Bank Nifty is 36515-36340-36270-36110 and the resistance to the up move is 36770-36888-36940 levels.
BSE Sensex: (58247) The support for the Sensex is 58025-57865-57750-57660 and the resistance to the up move is at 58415-58540-58660-58815 levels.
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