Market Still Bullish, Go Long At Dips Until Nifty Holds Above 17550

Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that the market has entered into a positive zone and traders can go long at every dip in the market. Market moved positive but saw strong resistance right near EquityPandit’s predicted resistance levels of 17880 for Nifty and fell down sharply from there. Market saw lows right at EquityPandit’s predicted support levels of 17615 for Nifty like a dot. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open gap positive. Technically, the Indian Stock Market is still in a positive zone. Market would be considered positive until it holds above 17550 for Nifty and 37202 for BankNifty. Market would consolidate at these levels. Traders can initiate fresh short positions only if the market closes below these levels but until then traders should go long at dips in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.802.81 crores whereas DIIs were net sellers of Rs.998.69 crores in the cash market for the last trading session. Nifty would see strong support at 17615-17540-17505-17450 whereas strong resistance would be seen at 17715-17770-17880-17940 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17646) The support for the Nifty is 17615-17540-17505-17450 and the resistance to the up move is at 17715-17770-17880-17940 levels.

NSE BankNifty: (37522) The support for Bank Nifty is 37365-37240-37110-37025 and the resistance to the up move is 37660-37740-37870-37952-38110 levels.

BSE Sensex: (59190) The support for the Sensex is 59035-58940-58815-58700-58608 and the resistance to the up move is at 59385-59540-59660-59708 levels.

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