Market To Consolidate, Continue Long Until Nifty Holds Above 17700

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is still in the positive zone and traders can go long at dips in the market until Nifty holds above 17700 and exactly the same happened. Indian Stock market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 17940 for Nifty like a dot. Finally, Indian Stock Market eased down and closed flat for the day. BankNifty remained bullish for the day and managed to close gap positive for the day.

Today: Indian Stock Market will open flat. Technically, Indian Stock Market is still in the positive zone and analysis would remain the same. Market would enter into the negative zone only if it closes below 17700 for Nifty and 37508 for BankNifty. Traders should initiate fresh short positions only if the market closes below these levels but until then traders can continue to hold long positions in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.594.63 crores whereas DIIs were net buyers of Rs.1397.69 crores in the cash market for the last trading session. Nifty would see strong support at 17815-17770-17715-17660 whereas strong resistance would be seen at 17880-17940-18005-17075 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17855) The support for the Nifty is 17815-17770-17715-17660 and the resistance to the up move is at 17880-17940-18005-17075 levels.

NSE BankNifty: (38171) The support for Bank Nifty is 38025-37865-37740-37615 and the resistance to the up move is 38270-38380-38515-38640 levels.

BSE Sensex: (60078) The support for the Sensex is 59865-59715-59608-59500-59380 and the resistance to the up move is at 60170-60340-60505-60615 levels.

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