Market To Hold Current Levels Until BankNifty In Positive Zone

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Last Trading Session: Indian Stock Market opened gap positive for the day. The Indian Stock Market was not able to sustain higher levels and saw sharp profit booking from those levels. However, BankNifty saw a sharp positive rally as it was already in the positive zone as per EquityPandit’s reversal levels. Finally, Indian Stock Market closed gap negative but BankNifty managed to close gap positive for the day.

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Today: Indian Stock Market will open flat. Technically, Nifty is already in the negative zone whereas BankNifty is still in the positive zone. Nifty would again enter into the positive zone only if it closes above 18428 levels and if that happens traders can go long in the market. Since BankNifty is already in the positive zone and would enter into the negative zone only if it closes below 39243 levels. For now, the market is consolidating and the market may hold these levels until BankNifty is strong and trading in the positive zone.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2818.90 crores whereas DIIs were net buyers of Rs.428.45 crores in the cash market for the last trading session. Nifty would see strong support at 18110-18035-17950-17880 whereas strong resistance would be seen at 18240-18315-18385-18440 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18178) The support for the Nifty is 18110-18035-17950-17880 and the resistance to the up move is at 18240-18315-18385-18440 levels.

NSE BankNifty: (40030) The support for Bank Nifty is 39865-39770-39685-39616 and the resistance to the up move is 40240-40380-40515-40660 levels.

BSE Sensex: (60924) The support for the Sensex is 60815-60707-60640-60515 and the resistance to the up move is at 61110-61270-61380-61540 levels.

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