Market Still In Positive Zone, Continue Long Until Nifty Holds Above 16970

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Indian Stock Market would ease down but would be considered bullish until it holds above 16865 and the same happened. Indian Stock Market saw profit booking for the day as predicted. BankNifty also saw a sharp positive rally exactly as EquityPandit’s predictions and saw highs right at EquityPandit’s predicted resistance levels of 37000 like a dot. Nifty also managed to close right at EquityPandit’s predicted support levels of 17075 like a dot.

Today: Indian Stock Market will open positive. Technically, Indian Stock Market is still in the positive zone until it holds above 16970 for Nifty and 36209 for BankNifty. BankNifty is already hovering near the edge of the trend channel as mentioned in the chart below and a breakout from trend channel would force BankNifty to see sharp positive rally while if BankNifty didn’t manage to trade above the channel then we may see sharp reversal from here. Traders should continue to hold long positions in the market until it holds above Equitypandit’s predicted reversal levels of 16970 for Nifty and 36209 for BankNifty. Traders can initiate fresh short positions only if the market closes below 16970 for Nifty and 36209 for BankNifty.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.666.66 crores whereas DIIs were net sellers of Rs.1287.87 crores in the cash market for the last trading session. Nifty would see strong support at 17025-16955-16865 whereas strong resistance would be seen at 17165-17215-17270-17340 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17076) The support for the Nifty is 17025-16955-16865 and the resistance to the up move is at 17165-17215-17270-17340 levels.

NSE BankNifty: (36574) The support for Bank Nifty is 36380-36215-36110-36025-35865 and the resistance to the up move is 36770-36888-37000 levels.

BSE Sensex: (57338) The support for the Sensex is 57240-57075-56950 and the resistance to the up move is at 57540-57660-57815-57880 levels.

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