Market To Consolidate, Initiate Fresh Long If BankNifty Closes Above 34914

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is consolidating and traders can initiate long positions only if Nifty closes above 15767 and BankNifty closes above 34914. Market moved sharply positive but saw strong resistance near Equitypandit’s predicted resistance levels of 15885 for Nifty and 35270 for BankNifty. Indian Stock Market saw sharp profit booking from there and finally Indian Stock Market closed flat for the day.

Today: Indian Stock Market will open positive. Technically, Nifty has entered into the positive zone whereas BankNifty is still in the negative zone. BankNifty will enter into the positive zone only if it closes above 34914 levels. Market will consolidate for now. Traders can initiate fresh long positions if BankNifty closes above 34914 whereas short positions can be initiated if Nifty closes below 15654.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1027.94 crores whereas DIIs were net buyers of Rs.302.45 crores in the cash market for the last trading session. Nifty would see strong support at 15707-15660-15608-15565 whereas strong resistance would be seen at 15808-15885-15955-16035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15772) The support for the Nifty is 15707-15660-15608-15565 and the resistance to the up move is at 15808-15885-15955-16035 levels.

NSE BankNifty: (34745) The support for BankNifty is 34615-34500-34365-34240 and the resistance to the up move is 34895-35075-35140-35270 levels.

BSE Sensex: (52589) The support for the Sensex is 52380-52240-52035-51945 and the resistance to the up move is at 52740-52815-52888-52945 levels.

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