Market still in positive zone, Continue long positions until Nifty breaches levels of 7730

Last Trading Session: Exactly as predicted by EquityPandit, Nifty opened negative for the day. EquityPandit predicted that Indian Stock Market is still in positive zone and traders should go short only if Nifty breaches levels of 7700 and exactly same happened. Market saw some profit booking but was not able to breach levels of 7700 for Nifty. Finally Market recovered to close above levels of 7800 for Nifty. Sensex also saw strong resistance just near EquityPandit’s predicted resistance levels of 25750 and closed below those levels. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone traders should continue to hold long positions until Nifty closes below 7730 levels. Now, some positive momentum is seen in the market and hence traders can continue long positions as of now for next target of 7888-7926 levels for Nifty. Once, Nifty breaches levels of 7852 then it would achieve those targets. Fresh shorts should only be intiated if Nifty breaches levels of 7730 and BankNifty breaches levels of 16515 levels, until then traders should go long in the market. Overall, this non-event Indian Market would end up in consolidation for next few days. FIIs were net buyers of Rs.37.37 crores whereas DIIs were net buyers of Rs.62.70 crores in last trading session. Nifty would see strong support at 7795-7730-7700-7680 whereas strong resistance would be seen at 7864-7888-7926-7980 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

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NSE Nifty: (7834) The support for the Nifty is 7795-7730-7700-7680 and the resistance to the up move is at 7864-7888-7926-7980 levels.

NSE BankNifty: (16825) The support for BankNifty is at 16650-16560-16514-16380 and the resistance to the up move is at 16940-17015-17111 levels.

BSE Sensex: (25736) The support for the Sensex is at 25660-25540-25445-25365 and the resistance to the up move is at 25885-25936-26016-26060 levels.

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