Profit Booking May Be Seen But Market Bullish Until Nifty Holds Above 17119 On Closing Basis

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Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted last week that the market would be considered bullish until Nifty holds above 16930 levels and exactly the same happened. The Indian Stock Market moved sharply positive. Traders who followed EquityPandit advice to hold long positions might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day. Nifty closed right near EquityPandit’s predicted resistance levels of 17350.

Today: Indian Stock Market will open negative. Technically, Nifty was already in the positive zone and now BankNifty has also entered into the positive zone. Market would see some profit booking after the sharp rally but the overall market is bullish and traders should continue to hold long positions in the market. Every dip would be an opportunity for traders to go long in the markets until Nifty holds above 17119 levels on a closing basis.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.575.39 crores whereas DIIs were net buyers of Rs.1165.62 crores in the cash market for the last trading session. Nifty would see strong support at 17285-17240-17170-17110 whereas strong resistance would be seen at 17440-17515-17570-17616 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17354) The support for the Nifty is 17285-17240-17170-17110 and the resistance to the up move is at 17440-17515-17570-17616 levels.

NSE BankNifty: (35482) The support for Bank Nifty is 35270-35140-35035-34940 and the resistance to the up move is 35608-35770-35885-36075 levels.

BSE Sensex: (58254) The support for the Sensex is 58035-57940-57815-57708 and the resistance to the up move is 58385-58540-58660-58740 levels.

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