Market Still Strong, Initiate Fresh Short Only If Nifty Closes Below 18101

Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted last week that traders can continue to hold long positions until Nifty holds above 17603 levels and the same happened. Indian Stock Market moved sharply positive since then and traders, who followed EquityPandit’s advice to hold long positions might have earned huge profits during this period. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market will open flat. Technically, the Indian Stock Market is still in a positive zone. Nifty has recently seen Ascending Triangle pattern breakout and the logical target would be around 18500 levels. Market is over-stretched for now and some consolidation can’t be ruled out but overall, the market would be considered bullish until it holds above 18101 for Nifty and 38514 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.

Check Now The List Of Stocks To Buy Today

Check Detailed Analysis of Nifty, Bank Nifty and Sensex For Today

Now Analyze Any Stock Yourself Just In a Few Minutes…

A Free but the Most Powerful Tool For Smarter Analysis of any stock. Analyze any stock at: StockFact – Top Stock Research, Screener And Analysis Tool

Nifty:

Bank Nifty:

FIIs were net buyers of Rs.1681.60 crores whereas DIIs were net sellers of Rs.1750.59 crores in the cash market for the last trading session. Nifty would see strong support at 18240-18170-18075-18035 whereas strong resistance would be seen at 18380-18440-18515-18580 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18339) The support for the Nifty is 18240-18170-18075-18035 and the resistance to the up move is at 18380-18440-18515-18580 levels.

NSE BankNifty: (39341) The support for Bank Nifty is 39110-39025-38865-38770 and the resistance to the up move is 39505-39660-39770-39888 levels.

BSE Sensex: (61306) The support for the Sensex is 61140-61035-60940-60815 and the resistance to the up move is at 61540-61652-61740-61880 levels.

Premium Subscription Pricing details can be seen at Stock Market Premium Services