Market To Consolidate, Continue Long Until Nifty Holds Above 18105

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Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that profit booking would continue but traders should hold long positions until Nifty above 18018 and BankNifty above 38049 and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 18315 for Nifty and finally managed to close positive for the day.

Today: Indian Stock Market will open flat. Technically, the market is still in a positive zone and would consolidate before further rally. Market would enter into the negative zone only if it closes below 18105 for Nifty and 38049 for BankNifty. Traders should continue to hold long positions in the market until the market holds above these levels. Fresh short positions should be initiated only if the market closes below these levels. BankNifty closed right above EquityPandit’s predicted support levels of 38215 like a dot.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.855.47 crores whereas DIIs were net sellers of Rs.115.31 crores in the cash market for the last trading session. Nifty would see strong support at 18240-18170-18110-18035 whereas strong resistance would be seen at 18385-18440-18508-18615 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18308) The support for the Nifty is 18240-18170-18110-18035 and the resistance to the up move is at 18385-18440-18508-18615 levels.

NSE BankNifty: (38216) The support for Bank Nifty is 38075-38025-37945-37815 and the resistance to the up move is 38380-38515-38660-38718-38880 levels.

BSE Sensex: (61309) The support for the Sensex is 61075-61940-60815-60707 and the resistance to the up move is  61540-61652-61770-61888 levels.

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