Nifty Enters Positive Zone, Profit Booking Can Be Seen But Go Long At Every Dip

Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted that traders can initiate fresh long positions in the market if Nifty managed to close above 18038 levels and exactly the same happened. Indian Stock Market moved sharply positive and saw strong resistance near EquityPandit’s predicted resistance levels of 60615 for Sensex and finally, managed to close gap positive for the day. Nifty closed right below EquityPandit’s predicted resistance levels of 18075 levels.

Today: Indian Stock Market will open flat. Technically, Nifty has entered into the positive zone whereas Bank Nifty is still in the negative zone. Bank Nifty would enter into the positive zone once it closes above 39989 levels for Bank Nifty. Although Nifty has formed Hanging Man Candlestick pattern and some profit booking can’t be ruled out but traders can go long at dips until Nifty holds above 17723.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.860.65 crores whereas DIIs were net buyers of Rs.1911.77 crores in the cash market for the last trading session. Nifty would see strong support at 17952-17865-17815-17770 whereas strong resistance would be seen at 18140-18170-18270-18380 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18069) The support for the Nifty is 17952-17865-17815-17770 and the resistance to the up move is at 18140-18170-18270-18380 levels.

NSE BankNifty: (39438) The support for Bank Nifty is 39315-39180-39035-38940 and the resistance to the up move is 39654-39740-39852-39950 levels.

BSE Sensex: (60545) The support for the Sensex is 60365-60240-60110-59940-59815 and the resistance to the up move is 60660-60770-60888-61075 levels.

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