Market To See Some Profit Booking, Hold Long Until Nifty Above 17231 By Closing

Last Trading Session: Indian Stock Market opened positive as predicted by Equitypandit. EquityPandit predicted that the Market is near reversal but traders can continue to hold long positions until Nifty above 17231 and exactly the same happened. Indian Stock Market consolidated for the whole trading session. Finally, the Indian Stock Market closed flat for the day. Bank Nifty moved sharply positive and managed to close gap positive right at EquityPandit’s predicted resistance levels of 36770 like a dot.

Today: Indian Stock Market will open flat. Technically, analysis would remain the same. The Indian Stock Market is still in a positive zone. Market is over-stretched and will continue to consolidate for now. Some profit booking would be seen in the market. Market would enter into the negative zone once it closes below 17231 for Nifty and 36344 for Bank Nifty. Traders can continue to hold long positions until the market holds above these levels by closing and should initiate short only if the market closes below these levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.802.51 crores whereas DIIs were net buyers of Rs.0.60 crores in the cash market for the last trading session. Nifty would see strong support at 17325-17285-17240-17170 whereas strong resistance would be seen at 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: (17354) The support for the Nifty is 17325-17285-17240-17170 and the resistance to the up move is at 17440-17506-17570 levels.

NSE BankNifty: (36768) The support for Bank Nifty is 36660-36615-36504-36365 and the resistance to the up move is 36940-37075-37180-37270 levels.

BSE Sensex: (58250) The support for the Sensex is 58025-57865-57750-57660 and the resistance to the up move is at 58415-58540-58660 levels.

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