Market Will Continue To Consolidate, Initiate Short Only If Nifty Closes Below 15663

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market would be considered bullish until it holds above 15597 for Nifty and the same happened. Indian Stock Market moved sharply negative and saw lows right at EquityPandit’s predicted support levels of 15608 for Nifty like a dot. Finally, Indian Stock Market recovered sharply to close at day highs. BankNifty closes right at EquityPandit’s predicted support levels of 34952 like a dot.

Today: Indian Stock Market will open negative. Technically, Nifty is in the positive zone whereas BankNifty is still in the negative zone. BankNifty will enter into the positive zone once it closes above 35437 levels whereas Nifty will enter into the negative zone if it closes below 15663 levels. Traders should trade cautiously at this point of time. Traders should add long positions if BankNifty manages to close above 35437 levels and should initiate fresh short positions if Nifty closes below 15663 levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.503.51 crores whereas DIIs were net buyers of Rs.544.26 crores in the cash market for the last trading session. Nifty would see strong support at 15770-15708-15660-15608-15565 whereas strong resistance would be seen at 15885-15945-15970-16035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15812) The support for the Nifty is 15770-15708-15660-15608-15565 and the resistance to the up move is at 15885-15945-15970-16035 levels.

NSE BankNifty: (34951) The support for BankNifty is 34808-34700-34615-34500 and the resistance to the up move is 35140-35270-35380-35570 levels.

BSE Sensex: (52552) The support for the Sensex is 52240-52035-51945-51865 and the resistance to the up move is at 52740-52815-52888-52945 levels.

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