Market Bullish Only If BankNifty Closes Above 35034, Until Then Trade Cautiously

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the market would see further short covering and traders can go long if the market closes above 35132. Indian Stock Market moved positive but was not able to sustain higher levels and fell down sharply to see lows right at EquityPandit’s predicted support levels of 15770 for Nifty like a dot. Finally, Indian Stock Market recovered and closed positive for the day.

Today: Indian Stock Market will open flat with negative bias. Technically, Nifty is in the positive zone whereas BankNifty is still in the negative zone. BankNifty would enter into the positive zone only if it closes above 35132 whereas Nifty would enter into the negative zone if it closes below 15691. Market would be considered bullish only if BankNifty manages to close above its reversal levels of 35132 and if that happens then traders can go long in the market. Nifty manages to close below its reversal levels of 15691, then the market as a whole would see a sharp downfall. Traders should wait for either of these to see reversal before taking any trading decision.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.163.31 crores whereas DIIs were net buyers of Rs.2187.80 crores in the cash market for the last trading session. Nifty would see strong support at 15770-15708-15660-15615 whereas strong resistance would be seen at 15885-15945-15970-16035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15856) The support for the Nifty is 15770-15708-15660-15615 and the resistance to the up move is at 15885-15945-15970-16035 levels.

NSE BankNifty: (35034) The support for Bank Nifty is 34865-34715-34608-34500 and the resistance to the up move is 35085-35240-35380-35515 levels.

BSE Sensex: (52976) The support for the Sensex is 52808-52715-52608-52500-52365 and the resistance to the up move is at 53110-53270-53380-53540 levels.

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