Market To Be Considered Strong Until Nifty Holds Above 16119, Continue Long Till Then

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Indian Stock Market is still in positive zone and traders should continue long positions until market holds above 16119 for Nifty and 35391 for BankNifty. Market moved sharply positive but saw some profit booking from its highs and saw lows right near EquityPandit’s predicted support levels of 16170 for Nifty and 35608 for BankNifty like a dot. Finally, Indian Stock Market recovered and managed to close positive for the day. BankNifty closed right below EquityPandit’s predicted resistance levels of 36035 like a dot.

Today: Indian Stock Market will open flat. Technically, analysis would still remain the same and Indian Stock Market is still in a positive zone. Market would enter into the negative zone only if it closes below 16119 for Nifty and 35391 for BankNifty. Traders can continue long positions in the market until it holds above EquityPandit’s predicted reversal levels.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.211.91 crores whereas DIIs were net sellers of Rs.716.15 crores in the cash market for the last trading session. Nifty would see strong support at 16170-16110-16035 whereas strong resistance would be seen at 16340-16380-16440-16515 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (16258) The support for the Nifty is 16170-16110-16035 and the resistance to the up move is at 16340-16380-16440-16515 levels.

NSE BankNifty: (36029) The support for Bank Nifty is 35865-35715-35608-35505 and the resistance to the up move is 36110-36270-36385-36525 levels.

BSE Sensex: (54403) The support for the Sensex is 54240-54170-54075-53940 and the resistance to the up move is at 54540-54660-54770-54940 levels.

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