Market To Consolidate But Continue Long Till Nifty Holds Above 17371

Last Trading Session: Indian Stock Market opened flat for the day. Market saw some profit booking for the day and saw lows right near EquityPandit’s predicted support levels of 17515 like a dot. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open positive. Technically, Indian Stock Market will see some consolidation but the overall market is still in the positive zone until it holds above 17371 for Nifty and 38207 for BankNifty. Traders can continue to hold long positions till these levels hold. Traders can initiate fresh short positions only if the market closes below these levels. Some intraday profit booking can be seen if market trades below 17500 for Nifty and 38860 for BankNifty.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1597.54 crores whereas DIIs were net sellers of Rs.370.58 crores in the cash market for the last trading session. Nifty would see strong support at 17515-17440-17385-17270 whereas strong resistance would be seen at 17660-17708-17770-17840 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17560) The support for the Nifty is 17515-17440-17385-17270 and the resistance to the up move is at 17660-17708-17770-17840 levels.

NSE BankNifty: (39010) The support for Bank Nifty is 38870-38740-38615-38470 and the resistance to the up move is 39170-39380-39515-39608 levels.

BSE Sensex: (58788) The support for the Sensex is 58608-58470-58340-58180 and the resistance to the up move is 59940-59035-59270-59385 levels.

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