Initiate Long If Nifty Closes Above 15767, Until Then Traders Should Remain Cautious

Last Trading Session: Indian Stock Market opened gap negative for the day as predicted. EquityPandit predicted that Indian Stock Market will see sharp profit booking and the same happened. Indian Stock Market saw sharp profit booking after gap negative opening and saw lows right near EquityPandit’s predicted support levels of 15515 for Nifty and moved sharply to see highs near EquityPandit’s predicted resistance levels of 15770 for Nifty. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market will open positive. Technically, Indian Stock Market is still in the negative zone. Market will enter into the positive zone once it closes above 15767 for Nifty and 34914 for BankNifty. Traders can initiate fresh long positions if the market manages to close above these levels but until then traders should remain cautious.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1244.71 crores whereas DIIs were net buyers of Rs.138.09 crores in the cash market for the last trading session. Nifty would see strong support at 15660-15608-15565-15515 whereas strong resistance would be seen at 15770-15808-15885-15955 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15747) The support for the Nifty is 15660-15608-15565-15515 and the resistance to the up move is at 15770-15808-15885-15955 levels.

NSE BankNifty: (34871) The support for BankNifty is 34808-34700-34615-34500 and the resistance to the up move is 35140-35270-35380-35570 levels.

BSE Sensex: (52574) The support for the Sensex is 52240-52035-51945-51865 and the resistance to the up move is at 52740-52815-52888-52945 levels.

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