Market To Consolidate Until BankNifty Trading In Negative Zone Below 35352

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Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Nifty is still in the positive zone while BankNifty is in the negative zone. Indian Stock Market opened gap positive but was not able to sustain higher levels. Market fell down sharply from there and saw lows right at EquityPandit’s predicted support levels of 56815 for Sensex. Finally, Indian Stock Market recovered sharply but closed negative for the day.

Today: Indian Stock Market will open negative. Technically, Nifty is still in the positive zone whereas BankNifty is still in the negative zone. Some profit booking can be seen but Nifty would be considered strong until it holds above 16803. Traders can initiate fresh short positions if Nifty closes below these levels. BankNifty would enter into the positive zone once it closes above 35352. Traders can initiate fresh long positions in BankNifty once it closes above these levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.715 crores whereas DIIs were net sellers of Rs.43.24 crores in the cash market for the last trading session. Nifty would see strong support at 16955-16865-16795-16715 whereas strong resistance would be seen at 17075-17165-17215-17270 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17004) The support for the Nifty is 16955-16865-16795-16715 and the resistance to the up move is at 17075-17165-17215-17270 levels.

NSE BankNifty: (34857) The support for Bank Nifty is 34715-34608-34500-34365 and the resistance to the up move is 35085-35240-35380-35508 levels.

BSE Sensex: (57124) The support for the Sensex is 56950-56815-56708-56540 and the resistance to the up move is 57380-57540-57660-57815-57880 levels.

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