Market Would Be Considered Strong Until Nifty Holds Above 16302, Hold Long Positions

Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market is still in a positive zone. EquityPandit also predicted that some profit booking can be seen but traders can initiate fresh short positions only if Nifty closes below 16178. Indian Stock Market moved sharply positive and finally, managed to close the gap positive for the day.

Today: Indian Stock Market will open negative. Technically, analysis would still remain the same. Indian Stock Market is still in the positive zone and would be considered bullish until it holds above 16302 for Nifty and 35630 for BankNifty. Some sideways movement would be seen but traders should continue to hold long positions until it holds above EquityPandit’s predicted reversal levels. Initiate short only if the market closes below these levels.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.819.77 crores whereas DIIs were net buyers of Rs.149.50 crores in the cash market for the last trading session. Nifty would see strong support at 16440-16365-16270-16215 whereas strong resistance would be seen at 16580-16615-16660-16740 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (16529) The support for the Nifty is 16440-16365-16270-16215 and the resistance to the up move is at 16580-16615-16660-16740 levels.

NSE BankNifty: (36169) The support for Bank Nifty is 36025-35865-35715-35608 and the resistance to the up move is 36270-36385-36525-36655 levels.

BSE Sensex: (55437) The support for the Sensex is 54715-54608-54540-54365 and the resistance to the up move is at 55540-55670-55772-55888 levels.

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