Profit Booking To Be Seen As Market Over-Stretched, Initiate Short If Nifty Closes Below 17532

Last Trading Session: Indian Stock Market opened gap positive as predicted. EquityPandit predicted that the Indian Stock Market to open gap positive and traders can continue to hold long positions in the market until Nifty holds above 17458 levels. EquityPandit also predicted that BankNifty took support from our trend channel. BankNifty moved positive for the day while Nifty and Sensex consolidated in a range bound region. Finally, the Indian Stock Market closed negative for the day. BankNifty managed to close positive for the day.

Today: Indian Stock Market will open gap negative. Technically, the Indian Stock Market is still in the positive zone but is over-stretched. Some profit booking would be seen at this point of time. Market would enter into the negative zone only if it closes below 17532 for Nifty and 37268 for BankNifty. If the market closes below these levels then traders can book full profits in long positions and can initiate fresh short positions in the market.

Check Now The List Of Stocks To Buy Today

Check Detailed Analysis of Nifty, Bank Nifty and Sensex For Today

Now Analyze Any Stock Yourself Just In a Few Minutes…

A Free but the Most Powerful Tool For Smarter Analysis of any stock. Analyze any stock at: StockFact – Top Stock Research, Screener And Analysis Tool

Nifty:

Bank Nifty:

FIIs were net buyers of Rs.1621.88 crores whereas DIIs were net sellers of Rs.795.13 crores in the cash market for the last trading session. Nifty would see strong support at 17515-17440-17385 whereas strong resistance would be seen at 17660-17708-17770-17815 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17585) The support for the Nifty is 17515-17440-17385 and the resistance to the up move is at 17660-17708-17770-17815 levels.

NSE BankNifty: (37812) The support for Bank Nifty is 37660-37540-37415-37270 and the resistance to the up move is 37952-38075-38240 levels.

BSE Sensex: (59016) The support for the Sensex is 58815-58700-58608-58470 and the resistance to the up move is at 59270-59385-59540-59660 levels.

Premium Subscription Pricing details can be seen at Stock Market Premium Services