Market Still Choppy Until BankNifty Holds Below 36658

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Nifty entered the positive zone but BankNifty is still in the negative zone. EquityPandit also predicted that some profit booking would be seen and traders should remain cautious and exactly the same happened. Indian Stock Market moved sharply negative on the account of profit booking and saw lows right near EquityPandit’s predicted support levels of 17170. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open positive. Technically, Nifty is still in the positive zone whereas BankNifty is in the negative zone. BankNifty would enter into the positive zone only if it closes above 36658. Market would remain choppy until BankNifty is in the negative zone. Further profit booking can’t be ruled out and traders should remain cautious until then. Market would see sharp downfall if Nifty closes below 17009 levels whereas sharp positive rally would be seen if BankNifty manages to close above 36658 levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.3356.17 crores whereas DIIs were net buyers of Rs.1648.79 crores in the cash market for the last trading session. Nifty would see strong support at 17075-17025-16955-16865 whereas strong resistance would be seen at 17270-17350-17440 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17197) The support for the Nifty is 17075-17025-16955-16865 and the resistance to the up move is at 17270-17350-17440 levels.

NSE BankNifty: (36197) The support for Bank Nifty is 36025-35865-35715-35608 and the resistance to the up move is 36385-36525-36655-36770 levels.

BSE Sensex: (57696) The support for the Sensex is 57508-57365-57240-57075 and the resistance to the up move is 57815-57880-58035-58180 levels.

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