Some Profit Booking To Be Seen But Market Bearish Only If Nifty Closes Below 17371, Hold Long For Now

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that market would consolidate for now and some profit bookin can’t be ruled out at this point of time but traders should continue to hold long positions till Nifty holds above 17371 and same happened. Indian Stock Market consolidated for the whole trading session and finally closed right at EquityPandit’s predicted support levels of 17515 like a dot.

Today: Indian Stock Market will open flat. Technically, Indian Stock Market is still in the positive zone and would be considered bullish till it holds above 17371 for Nifty and 38207 for BankNifty. Market will see some profit booking but would enter into the negative zone only if it closes below these levels and until then traders can hold long positions in the market. Fresh short positions should be initiated only if the market closes below EquityPandit’s predicted reversal levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2267.86 crores whereas DIIs were net buyers of Rs.621.98 crores in the cash market for the last trading session. Nifty would see strong support at 17440-17385-17270 whereas strong resistance would be seen at 17615-17660-17708-17770-17840 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17516) The support for the Nifty is 17440-17385-17270 and the resistance to the up move is at 17615-17660-17708-17770-17840 levels.

NSE BankNifty: (38789) The support for Bank Nifty is 38615-38470-38365-38240 and the resistance to the up move is 38940-39075-39170-39380 levels.

BSE Sensex: (58645) The support for the Sensex is 58440-58340-58180-58035 and the resistance to the up move is 59815-59940-59035-59270 levels.

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