Initiate Short Only If Nifty Closes Below 17642 And BankNifty Below 36739, Until Then Hold Long

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Last Trading Session: Indian Stock Market opened gap negative for the day. EquityPandit predicted that the market would consolidate after a sharp rally and some profit booking can be seen. Market saw sharp profit booking for the day. Nifty saw lows right at EquityPandit’s predicted support levels of 17650. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open positive. Technically, the Indian Stock Market is still in a positive zone. Market would be considered bullish until it holds above 17642 for Nifty and 36739. Traders can initiate fresh short positions once the market closes below these levels but until then traders should continue to hold long positions in the market.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.586.56 crores whereas DIIs were net buyers of Rs.3408.94 crores in the cash market for the last trading session. Nifty would see strong support at 17650-17615-17505-17440 whereas strong resistance would be seen at 17815-17880-17940-18035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17746) The support for the Nifty is 17650-17615-17505-17440 and the resistance to the up move is at 17815-17880-17940-18035 levels.

NSE BankNifty: (37490) The support for Bank Nifty is 37365-37240-37075-36865 and the resistance to the up move is 37660-37740-37870-37952-38110 levels.

BSE Sensex: (59602) The support for the Sensex is 59440-59365-59265-59110 and the resistance to the up move is  59770-59888-60075-60170-60340 levels.

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