Market Would Still Consolidate, Initiate Short Only If Nifty Closes Below 12180

Last Trading Session: Indian Stock Market opened flat exactly as predicted by Equitypandit. EquityPandit predicted that though market is in bullish zone but would consolidate in a small range for now and exactly same happened. Indian Stock Market moved positive but saw highs right at EquityPandit predicted resistance levels of 12285 like a dot. Market saw sharp profit booking from there and saw lows right at EquityPandit’s predicted suypport levels of 12200 for Nifty like a dot. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat with negative bias. Technically, analysis would still remain same. Indian Stock Market is still in positive zone. Market would trade with low volumes due to holiday season. Market would continue to consolidate and may see some profit booking. Overall, market would be considered bullish until it holds above 12180 levels for Nifty and 32034 levels for BankNifty. Traders should initiate fresh short positions only if market closes below these levels.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.114.38 crores whereas DIIs were net sellers of Rs.345.22 crores in cash market for last trading session. Nifty would see strong support at 12200-12165-12125 whereas strong resistance would be seen at 12260-12285-12310-12340 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (12215) The support for the Nifty is 12200-12165-12125 and the resistance to the up move is at 12260-12285-12310-12340 levels.

NSE BankNifty: (32281) The support for BankNifty is 32240-32175-32110-32035 and the resistance to the up move is 32380-32470-32540-32600 levels.

BSE Sensex: (41461) The support for the Sensex is 41350-41270-41180 and the resistance to the up move is at 40600-41660-41740-41800 levels.

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