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Market To Consolidate, Continue Long Positions Until Nifty Holds Above 16901

Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted that market is still bullish and traders can continue long positions until Nifty holds above 16901. Market moved sharply positive and saw highs near EquityPandit’s predicted resistance levels of 17365 and fell down sharply. Market saw lows right at EquityPandit’s predicted support levels of 17100 for Nifty and 35905 for BankNifty like a dot. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market will open flat. Technically, Indian Stock Market is still in positive zone and analysis will remain same. Market will consolidate for now. Some profit booking may be seen but market would be considered bullish until it holds above 16901 for Nifty and 35400 levels for BankNifty. Traders can continue to hold long positions until it holds above these reversal levels. For excellent profits in Intraday, traders can follow Breakout and Breakdown signals at Unicorn Signals.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2962.12 crores whereas DIIs were net buyers of 252.91 crores in the cash market for the last trading session. Nifty will see strong support at 17024-16932-16865-16770 whereas strong resistance would be seen at 17280-17446-17540 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17118) The support for the Nifty is 17024-16932-16865-16770 and the resistance to the up move is at 17280-17446-17540 levels.

NSE BankNifty: (36019) The support for Bank Nifty is 35745-35472-35045 and the resistance to the up move is 36445-36660-36870-37145 levels.

BSE Sensex: (57292) The support for the Sensex is 56970-56650-56072 and the resistance to the up move is 56970-56660-56504-56365 levels.

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