Some Profit Booking Can Be Seen But Initiate Short Only If Nifty Closes Below 16178

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that traders should continue long until Nifty holds above 16133 and the same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 16380 for Nifty. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market will open Flat. Technically, Indian Stock Market is still in the positive zone and would be considered bullish until it holds above 16178 for Nifty and 35630 for BankNifty. Some profit booking can’t be ruled out at this point of time as the market is over-stretched but traders should initiate fresh short only if market closes below EquityPandit’s predicted reversal levels and until then traders can continue to hold long positions.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.212.11 crores whereas DIIs were net buyers of Rs.307.75 crores in the cash market for the last trading session. Nifty would see strong support at 16270-16215-16170-16110 whereas strong resistance would be seen at 16440-16515-16580-16615 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (16364) The support for the Nifty is 16270-16215-16170-16110 and the resistance to the up move is at 16440-16515-16580-16615 levels.

NSE BankNifty: (35937) The support for Bank Nifty is 35865-35715-35608-35505 and the resistance to the up move is 36110-36270-36385-36525 levels.

BSE Sensex: (54844) The support for the Sensex is 54715-54608-54540-54365 and the resistance to the up move is at 55035-55110-55240-55385 levels.

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