Market Consolidating For Now, Continue Long Until Nifty Holds Above 16133

Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market will be considered strong until Nifty holds above 16119 for Nifty and exactly the same happened. Indian Stock Market moved sharply positive but was not able to sustain higher levels and fell down sharply. Finally, Indian Stock Market recovered from day lows and managed to close positive for the day.

Today: Indian Stock Market will open flat. Technically, some profit booking can’t be ruled out as the market is struggling at these levels but the market is still in the positive zone and would be considered bullish until it holds above 16133 for Nifty and 35632 for BankNifty. Traders can continue to hold long positions until market trades above EquityPandit’s predicted reversal levels. Now the positive rally will continue only if BankNifty manages to close above 36105 levels in upcoming days, else we may see some correction in days to come.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.178.51 crores whereas DIIs were net buyers of Rs.689 crores in the cash market for the last trading session. Nifty would see strong support at 16215-16170-16110-16035 whereas strong resistance would be seen at 16340-16380-16440-16515 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (16280) The support for the Nifty is 16215-16170-16110-16035 and the resistance to the up move is at 16340-16380-16440-16515 levels.

NSE BankNifty: (36034) The support for Bank Nifty is 35865-35715-35608-35505 and the resistance to the up move is 36110-36270-36385-36525 levels.

BSE Sensex: (54555) The support for the Sensex is 54365-54240-54170-54075-53940 and the resistance to the up move is at 54660-54770-54940-55075 levels.

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