Nifty Forming An Ascending Triangle Pattern, Bullish Momentum To Continue

Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted Indian Stock Market would see short covering rally for the day and traders can initiate long positions if market breaches levels of 14849 for Nifty and 32961 levels for BankNifty and exactly the same happened. Indian stock Market moved sharply positive for the day and saw highs right at EquityPandit’s predicted resistance levels of 14945 for Nifty. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market will open gap positive. Technically, Nifty and BankNifty have both entered into the positive zone. Market would be considered bullish for now. Every dip in the market is an opportunity to go long in the market. Traders can continue to hold long positions and buy more at dips until the market holds above 14653 for Nifty and 32277 for BankNifty. Overall, the market would be considered bullish and we may see a sharp rally in days to come. BankNifty has formed a strong bullish candle which suggests that once BankNifty trades above 33500 on spot basis, we may see target levels of 34000-34200 in a day or two. Also Nifty is forming an Ascending Triangle Pattern, which once confirmed, It will see a new record high.

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Nifty:

Bank Nifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.2255.84 crores whereas DIIs were net buyers of Rs.1948.48 crores in the cash market for the last trading session. Nifty would see strong support at 14865-14815-14770-14715-14645 whereas strong resistance would be seen at 14965-15035-15075-15140 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (14923) The support for the Nifty is 14865-14815-14770-14715-14645 and the resistance to the up move is at 14965-15035-15075-15140 levels.

NSE BankNifty: (33459) The support for BankNifty is 33270-33110-33025-32940 and the resistance to the up move is 33606-33770-33888-34075 levels.

BSE Sensex: (49581) The support for the Sensex is 49365-49170-49035-48865 and the resistance to the up move is at 49734-49888-50075-50170-50315 levels.

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