Market Over-stretched But Would Be Considered Bullish Until It Holds Above 16394 For Nifty

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market would be considered strong until Nifty holds above 16302 and traders can continue to hold long positions until then. Indian Stock Market moved positive for the day and saw highs near EquityPandit’s predicted resistance levels of 16580 for Nifty and 36270 for BankNifty like a dot. Finally, the Indian Stock Market closed positive for the day.

Today: Indian Stock Market will open negative. Technically, Indian Stock Market is still in the positive zone and would be considered bullish until it holds above 16394 for Nifty and 35665 for BankNifty. Traders can continue to hold long positions until the market holds above these levels. Once the market closes below these reversal levels, traders can initiate fresh short positions in that case.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1088.32 crores whereas DIIs were net buyers of Rs.506.21 crores in the cash market for the last trading session. Nifty would see strong support at 16508-16440-16365-16270 whereas strong resistance would be seen at 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: (16563) The support for the Nifty is 16508-16440-16365-16270 and the resistance to the up move is at 16615-16660-16740 levels.

NSE BankNifty: (36095) The support for Bank Nifty is 35940-35865-35715-35608 and the resistance to the up move is 36270-36385-36525-36655 levels.

BSE Sensex: (55583) The support for the Sensex is 55440-55315-55240-55110 and the resistance to the up move is at 55670-55772-55888-55960 levels.

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