Market To Consolidate For Now, Initiate Short Only If Nifty Closes Below 15435

Last Trading Session: Indian Stock Market opened positive for the day as predicted. EquityPandit predicted that Indian Stock Market will be strong until Nifty holds above 15330 and traders can continue long positions for now and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 15660 like a dot. Finally, Indian Stock Market eased down and managed to close flat for the day.

Today: Indian Stock Market will open flat. Technically, Indian Stock Market including Nifty, Banknifty and Sensex are still in the positive zone. Analysis will remain the same. Market will enter into the negative zone only if it closes below 15435 levels for Nifty and 34829 levels for BankNifty. Traders should close all long positions and 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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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.449.86 crores whereas DIIs were net buyers of Rs.230.49 crores in the cash market for the last trading session. Nifty would see strong support at 15515-15445-15385-15340 whereas strong resistance would be seen at 15608-15660-15715-15770 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15575) The support for the Nifty is 15515-15445-15385-15340 and the resistance to the up move is at 15608-15660-15715-15770 levels.

NSE BankNifty: (35337) The support for BankNifty is 35240-35110-35035-34865 and the resistance to the up move is 35508-35660-35888-36035-36170 levels.

BSE Sensex: (51935) The support for the Sensex is 51770-51608-51515-51440 and the resistance to the up move is at 52110-52240-52380-52540 levels.

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