Market Strong Until It Holds Above 15434 For Nifty, Hold Long Positions For Now

Last Trading Session: Indian Stock Market opened negative for the day. EquityPandit predicted that Indian Stock Market will consolidate and traders can continue to hold long positions in the market and exactly the same happened. Indian Stock Market moved sharply negative and saw lows right near EquityPandit’s predicted support levels of 15445 for Nifty and 51440 for Sensex. Finally, Indian Stock Market recovered to close flat for the day.

Today: Indian Stock Market will open positive. Technically, Indian Stock Market including Nifty, Banknifty and Sensex are still in the positive zone. Market will consolidate for now and would be considered strong until it holds above 15434 for Nifty and 34806 for BankNifty. Traders should initiate fresh short positions only if it 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 buyers of Rs.921.10 crores whereas DIIs were net buyers of Rs.241.76 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: (15576) 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: (35374) 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: (51849) The support for the Sensex is 51770-51608-51515-51440 and the resistance to the up move is at 41965-52110-52240-52380 levels.

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