Market To Consolidate, Initiate Short Only If Nifty Closes Below 17818

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see further profit booking but traders can go long at dips until Nifty holds above 17818 and exactly the same happened. Indian Stock Market moved sharply negative on account of profit booking but recovered sharply from there to close marginally negative for the day. Traders who followed EquityPandit’s advice might have earned huge profits for the day.

Today: Indian Stock Market will open gap negative. Technically, the analysis would remain the same. Nifty is still in the positive zone whereas BankNifty is still in the negative zone. Nifty would be considered bullish until it holds above 17818 whereas BankNifty would be considered bearish until it holds below 39819. Traders can go long at dips until the Nifty is in the positive zone. Short positions should be initiated only if Nifty closes below 17818.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.469.50 crores whereas DIIs were net buyers of Rs.766.95 crores in the cash market for the last trading session. Nifty would see strong support at 17952-17865-17815-17770 whereas strong resistance would be seen at 18070-18140-18170-18270 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18017) The support for the Nifty is 17952-17865-17815-17770 and the resistance to the up move is at 18070-18140-18170-18270 levels.

NSE BankNifty: (39023) The support for Bank Nifty is 38940-38870-38740-38615 and the resistance to the up move is 39170-39380-39515-39608 levels.

BSE Sensex: (60353) The support for the Sensex is 60240-60110-59940-59815 and the resistance to the up move is 60508-60660-60770-60888 levels.

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