Profit Booking Would Continue But Initiate Short Only If It Closes Below 18018 For Nifty And 38049 For BankNifty

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Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that some profit booking would be seen but traders can continue to hold long positions in the market until Nifty holds above 18018 and BankNifty above 38049 on closing basis and exactly the same happened. Indian Stock Market moved sharply negative but saw strong support at EquityPandit’s predicted support levels of 18110 for Nifty. Finally, the Indian Stock Market recovered sharply to close flat for the day.

Today: Indian Stock Market will open negative. Technically, analysis would still remain the same and the Indian Stock Market is still in a positive zone. Market will see further profit booking but will enter into the negative zone only if it closes below 18018 for Nifty and 38049 for BankNifty. Traders should initiate fresh short positions only if the market closes below these levels but until then traders can continue to hold long positions in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1598.20 crores whereas DIIs were net buyers of Rs.371.41 crores in the cash market for the last trading session. Nifty would see strong support at 18170-18110-18035-17950 whereas strong resistance would be seen at 18315-18385-18440-18508 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18256) The support for the Nifty is 18170-18110-18035-17950 and the resistance to the up move is at 18315-18385-18440-18508 levels.

NSE BankNifty: (38370) The support for Bank Nifty is 38215-38075-38025-37945-37815 and the resistance to the up move is 38515-38660-38718-38880-38940 levels.

BSE Sensex: (61223) The support for the Sensex is 61075-61940-60815-60707 and the resistance to the up move is  61540-61652-61770-61888 levels.

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