Market Over-Stretched But Continue Long Until Nifty Holds Above 17114 By Closing

Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that the Indian Stock Market would still remain in the positive zone and traders should continue to hold long positions above 16970 and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 17340 like a dot. Finally, the Indian Stock Market managed to close positive for the day.

Today: Indian Stock Market will open positive. Technically, analysis would remain the same. Indian Stock Market is still in the positive zone and would be considered bullish until it holds above 17114 for Nifty and 36344 for BankNifty. Market is over-stretched and traders should remain cautious at this point of time. Some profit booking can’t be ruled out in upcoming trading sessions. Traders can continue to hold long positions until the market holds above EquityPandit’s predicted reversal levels. Risk-averse traders can book partial profits in long positions and hold remaining quantity until the market holds above 17114 for Nifty. Initiate short positions only if the market closes below these levels.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.768.58 crores whereas DIIs were net buyers of Rs.668.60 crores in the cash market for the last trading session. Nifty would see strong support at 17285-17240-17170-17110 whereas strong resistance would be seen at 17380-17440-17506-17570 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17324) The support for the Nifty is 17285-17240-17170-17110 and the resistance to the up move is at 17380-17440-17506-17570 levels.

NSE BankNifty: (36761) The support for Bank Nifty is 36608-36515-36380-36270 and the resistance to the up move is 36940-37035-37075-37170 levels.

BSE Sensex: (58130) The support for the Sensex is 58025-57865-57750-57660 and the resistance to the up move is at 58270-58415-58540-58660 levels.

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