Nifty Enters Positive Zone, BankNifty To Enter Positive Zone Only If It Closes Above 36658

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that the Indian Stock Market would be bullish if it managed to close above 17285 levels for Nifty and the same happened. Indian Stock Market moved sharply positive and managed to breach EquityPandit’s predicted reversal levels that forced Nifty to see a sharp breakout. BankNifty remained choppy for the day and was not able to enter the positive zone. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market will open negative. Technically, Nifty has entered into the positive zone whereas BankNifty is still in the negative zone. BankNifty would enter into the positive zone only if it closes above 36658 levels. Market would remain rangebound until BankNifty also enters into the positive zone. Traders can add long positions if BankNifty manages to trade above 36658 but until then traders should remain cautious as some profit booking can be seen in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.3675.55 crores whereas DIIs were net buyers of Rs.4839.67 crores in the cash market for the last trading session. Nifty would see strong support at 17325-17285-17240-17170 whereas strong resistance would be seen at 17506-17570-17616-17670 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17402) The support for the Nifty is 17325-17285-17240-17170 and the resistance to the up move is at 17506-17570-17616-17670 levels.

NSE Bank Nifty: (36508) The support for Bank Nifty is 36340-36270-36110-36025 and the resistance to the up move is 36615-36770-36888-36940 levels.

BSE Sensex: (58461) The support for the Sensex is 58308-58110-58035-57940 and the resistance to the up move is 58540-58660-58740-58880 levels.

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