Nifty Still Bullish, Continue Long Until Nifty Holds Above 16803

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Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted earlier that the market would see further short covering rally and traders can initiate long positions once Nifty closes above 16880 and exactly the same happened. The Indian Stock Market moved sharply positive since then. Traders who followed EquityPandit’s advice might have earned huge profits in the last two trading sessions. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market will open positive. Technically, Nifty is still in the positive zone whereas BankNifty is still in the negative zone. BankNifty would enter into the positive zone once it closes above 35352 levels for BankNifty. Traders can hold long positions in Nifty until it holds above 16803 levels and can initiate fresh long positions in BankNifty once it closes above 35352 levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.271.59 crores whereas DIIs were net buyers of Rs.1196.48 crores in the cash market for the last trading session. Nifty would see strong support at 17025-16955-16865-16795 whereas strong resistance would be seen at 17165-17215-17270-17340 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17073) The support for the Nifty is 17025-16955-16865-16795 and the resistance to the up move is at 17165-17215-17270-17340 levels.

NSE BankNifty: (35191) The support for Bank Nifty is 35035-35940-35815-35707 and the resistance to the up move is 35380-35515-35608-35770 levels.

BSE Sensex: (57315) The support for the Sensex is 57240-57075-56950-56815 and the resistance to the up move is 57540-57660-57815-57880 levels.

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