Market Overstretched, Profit Booking To Be Seen, Initiate Short Only Below 17745 For Nifty

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Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the market is still bullish and traders should continue to hold long positions in the market until Nifty holds above 17642 and exactly the same happened. The Indian Stock Market moved sharply positive for the day. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market will open negative. Technically, the Indian Stock Market is still in a positive zone. Market is over-stretched now and some profit booking would be seen at this point of time. Market would enter into the negative zone only if it closes below 17745 for Nifty and 37482 for BankNifty.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.124.23 crores whereas DIIs were net buyers of Rs.481.55 crores in the cash market for the last trading session. Nifty would see strong support at 17952-17865-17815-17770 whereas strong resistance would be seen at 18070-18140-18170-18270 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18003) The support for the Nifty is 17952-17865-17815-17770 and the resistance to the up move is at 18070-18140-18170-18270 levels.

NSE BankNifty: (38347) The support for Bank Nifty is 38215-38075-38025-37945-37815 and the resistance to the up move is 37870-37952-38110-38270 levels.

BSE Sensex: (60396) The support for the Sensex is 60240-60110-59940-59815 and the resistance to the up move is  60508-60660-60770-60888 levels.

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