Market Still Consolidating, Initiate Short Only If Nifty Closes Below 12182

Last Trading Session: Indian Stock Market opened flat with negative bias as predicted by EquityPandit. EquityPandit predicted that market would consolidate for now and exactly same happened. Indian Stock Market saw some profit booking and saw lows right at EquityPandit’s predicted support levels of 41650 for Sensex like a dot. Finally Indian Stock Market closed marginally negative for the day. BankNifty closed right above EquityPandit’s predicted support levels of 31820 like a dot.

Today: Indian Stock Market would open flat. Analysis still remains same. Technically, Indian Stock Market is still in positive zone but as predicted yesterday, some consolidation would be seen before taking further directional move. Market would enter into negative zone only if it closes below 12182 for Nifty and 31678 for BankNifty but until then traders should continue to hold long positions in the market.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.279.53 crores whereas DIIs were net sellers of Rs.648.34 crores in cash market for last trading session. Nifty would see strong support at 12320-12300-12284-12230 whereas strong resistance would be seen at 12380-12440-12500 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (12343) The support for the Nifty is 12320-12300-12284-12230 and the resistance to the up move is at 12380-12440-12500 levels.

NSE BankNifty: (31825) The support for BankNifty is 31730-31600-31500 and the resistance to the up move is 31960-32035-32110 levels.

BSE Sensex: (41873) The support for the Sensex is 41800-41720-41650-41600-41518 and the resistance to the up move is at 41970-42035-42110-42240 levels.

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