Market Still In Positive Zone, Initiate Short Only If Nifty Closes Below 16119

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that some profit booking can’t be ruled out at this point of time but the market would be considered bullish until it holds above 16119 for Nifty and 35379 for BankNifty and same happened. Indian Stock Market saw highs right at EquityPandit’s predicted support levels of 16340 for Nifty like a dot. Indian Stock Market saw sharp profit booking from there as predicted and finally closed negative for the day. Nifty closed right at EquityPandit’s predicted support levels of 16240 like a dot.

Today: Indian Stock Market will open negative. Technically, Indian Stock Market is still in a positive zone. Market would enter into the negative zone only if it closes below 16119 for Nifty and 35391 for BankNifty. Market would be considered bullish until it holds above these levels and until then traders can continue to hold long positions. Initiate fresh short positions only if the market closes below these reversal levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.69.37 crores whereas DIIs were net sellers of Rs.631 crores in the cash market for the last trading session. Nifty would see strong support at 16170-16110-16035 whereas strong resistance would be seen at 16270-16340-16380-16440 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (16238) The support for the Nifty is 16170-16110-16035 and the resistance to the up move is at 16270-16340-16380-16440 levels.

NSE BankNifty: (35809) The support for Bank Nifty is 35715-35608-35505-35365 and the resistance to the up move is 36035-36110-36270-36385 levels.

BSE Sensex: (54278) The support for the Sensex is 54170-54075-53940-53808 and the resistance to the up move is at 54440-54515-54660-54770 levels.

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