BankNifty Enters Positive Zone, Go Long At Dips In The Market

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that traders can initiate long positions if BankNifty closes above 35051. Indian Stock Market saw a sharp positive rally and breached all resistance levels. Nifty and Sensex saw new record highs for the day. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market will open positive. Technically, Nifty was already in the positive zone and now BankNifty has also entered into the positive zone. Market would be considered bullish until it holds above 15865 for Nifty and 34458 for BankNifty. Traders can go long at dips in BankNifty and those who are already long can continue to hold long positions.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.2116.60 crores whereas DIIs were net sellers of Rs.298.54 crores in the cash market for the last trading session. Nifty would see strong support at 16075-16024-15952-15885 whereas strong resistance would be seen at 16170-16240-16315-16365 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (16131) The support for the Nifty is 16075-16024-15952-15885 and the resistance to the up move is at 16170-16240-16315-16365 levels.

NSE BankNifty: (35207) The support for Bank Nifty is 35110-35035-35940-35815-35707 and the resistance to the up move is 35270-35380-35515-35608 levels.

BSE Sensex: (53823) The support for the Sensex is 53660-53515-53440-53380 and the resistance to the up move is at 53960-54035-54140-54270-54385 levels.

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