Market To Trade In A Range, Initiate Fresh Long Above 16831 For Nifty

Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted that the market would see a bounceback and the same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 16752 for Nifty like a dot. Market saw some profit booking from there but finally managed to close the gap positive for the day.

Today: Indian Stock Market will open flat. Technically, the Indian Stock Market is still in the negative zone. Market would enter into the positive zone once it closes above 16831 for Nifty and 36939 for BankNifty. Traders can go long in the market once the market closes above the reversal levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.4470.70 crores whereas DIIs were net buyers of 4318.24 crores in the cash market for the last trading session. Nifty would see strong support at 16508-16440-16365-16270 whereas strong resistance would be seen at 16770-16880-16940-17035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (16658) The support for the Nifty is 16508-16440-16365-16270 and the resistance to the up move is at 16770-16880-16940-17035 levels.

NSE BankNifty: (36431) The support for Bank Nifty is 36110-35950-35865-35615 and the resistance to the up move is 36770-36940-37075-37240 levels.

BSE Sensex: (55859) The support for the Sensex is 55450-55340-55215-55110 and the resistance to the up move is 56170-56270-56385-56540-56770 levels.

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