Market Still Bullish, Continue To Hold Long Positions For Now

Last Trading Session: Indian Stock Market positive for the day. EquityPandit predicted that Indian Stock Market would see profit booking but every downfall would be an opportunity for traders to go long in the market and exactly the same happened. Indian Stock Market opened positive but saw strong resistance right at EquityPandit’s predicted resistance levels of 15255 for Nifty and 35215 for BankNifty like a dot. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market will open positive. Technically, Indian Stock Market is still in a positive zone. Market would enter into the negative zone only if it closes below 15011 for Nifty and 34144 for BankNifty but until then market will be considered strong and traders can continue to hold long positions in the market. Although BankNifty has formed a DOJI candlestick pattern that suggests indecisiveness and some profit booking can’t be ruled out but trading above 15215 for Nifty will induce further buying in the market and we will see further positive momentum in the market.

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Nifty:

Bank Nifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.585.36 crores whereas DIIs were net sellers of Rs.707.69 crores in the cash market for the last trading session. Nifty would see strong support at 15100-15035-14977-14865 whereas strong resistance would be seen at 15255-15280-15315-15380 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15198) The support for the Nifty is 15100-15035-14977-14865 and the resistance to the up move is at 15255-15280-15315-15380 levels.

NSE BankNifty: (34944) The support for BankNifty is 34740-34615-34500-34365 and the resistance to the up move is 35215-35355-35508-35715 levels.

BSE Sensex: (50652) The support for the Sensex is 50485-50315-50170-50035 and the resistance to the up move is at 50890-51075-51240-51380 levels.

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