Market To See Some Profit Booking, Initiate Long If BankNifty Closes Above 35051

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the market would see some short covering today and traders should initiate short positions only if Nifty closes below 15707. Indian Stock Market moved sharply positive and saw highs right near EquityPandit’s predicted resistance levels of 15885 for Nifty. Finally, Indian Stock Market closed positive for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 15885 like a dot.

Today: Indian Stock Market will open negative. Technically, Nifty is still in the positive zone whereas BankNifty is in the negative zone. Market to ease down and would see some profit booking. Nifty is showing strength but BankNifty is still lagard and would be considered strong only if it manages to close above 35051. Once BankNifty manages to close above these levels then we would see a sharp rally in the market whereas if Nifty manages to close below 15707 then we would see breakdown in the market. Traders should consider these reversal levels strictly and trade accordingly.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1539.88 crores whereas DIIs were net buyers of Rs.1505.82 crores in the cash market for the last trading session. Nifty would see strong support at 15805-15770-15708-15660-15615 whereas strong resistance would be seen at 15945-15970-16025-16075 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15885) The support for the Nifty is 15805-15770-15708-15660-15615 and the resistance to the up move is at 15945-15970-16025-16075 levels.

NSE BankNifty: (34710) The support for Bank Nifty is 34608-34505-34365-34240 and the resistance to the up move is 34808-34888-35085-35170 levels.

BSE Sensex: (52951) The support for the Sensex is 52808-52715-52606-52515 and the resistance to the up move is at 53035-53140-53270-53385 levels.

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