Market Still Bearish Until Nifty Closes Above 18339, BankNifty To Consolidate Now

Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted that short covering can be seen in the market but Nifty would be considered bearish until it holds below 18400 and traders can go short at every positive rally and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 18240 for Nifty like a dot. Market saw sharp profit booking from there and traders who followed EquityPandit’s advice might have earned huge profits for the day.

Today: Indian Stock Market will open positive. Technically, Nifty is still in the negative zone whereas BankNifty is in the positive zone. Market would be considered bullish only if Nifty closes above 18339 for Nifty. Traders can initiate fresh long positions only if Nifty closes above 18339 but until then traders can continue to go short at positive rally near resistance levels. Nifty has just seen lows near EquityPandit’s predicted support of Triangle Pattern as seen in the chart below. Some bounce can’t be ruled out in Nifty from this support level. BankNifty is still in positive momentum and would enter into the negative zone only if it closes below 40499. Some profit booking can be seen in BankNifty and we may see some consolidation but overall, positive momentum persists in BankNifty until it closes below 40499.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2459.10 crores whereas DIIs were net buyers of Rs.2390.23 crores in the cash market for the last trading session. Nifty would see strong support at 18035-17950-17880-17815 whereas strong resistance would be seen at 18170-18240-18315-18385 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18125) The support for the Nifty is 18035-17950-17880-17815 and the resistance to the up move is at 18170-18240-18315-18385 levels.

NSE BankNifty: (41192) The support for Bank Nifty is 41035-40924-40770-40615 and the resistance to the up move is 41385-41505-41660-41880 levels.

BSE Sensex: (60967) The support for the Sensex is 60815-60707-60640-60515 and the resistance to the up move is at 61110-61270-61380-61540 levels.

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