Market Still In Positive Zone, Initiate Short Only If Nifty Closes Below 17231

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is over-stretched now but traders can continue to hold long positions until it holds above 17114 for Nifty and the same happened. The Indian Stock Market moved sharply positive and finally managed to close the gap positive for the day. Nifty closed right below EquityPandit’s predicted resistance levels of 17380 like a dot.

Today: Indian Stock Market will open flat. Technically, the Indian Stock Market is still in a positive zone. Market would enter into the negative zone only if it closes below 17231 for Nifty and 36344 for BankNifty and if that happens, the market would see a sharp downfall. But until then the market would be considered bullish and traders can continue to hold long positions. Traders can book profits in all long positions and can initiate fresh short positions if the market closes below these reversal levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.589.36 crores whereas DIIs were net buyers of Rs.547.31 crores in the cash market for the last trading session. Nifty would see strong support at 17325-17285-17240-17170 whereas strong resistance would be seen at 17440-17506-17570 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17377) The support for the Nifty is 17325-17285-17240-17170 and the resistance to the up move is at 17440-17506-17570 levels.

NSE BankNifty: (36592) The support for Bank Nifty is 36515-36380-36270 and the resistance to the up move is 36770-36940-37035-37075 levels.

BSE Sensex: (58297) The support for the Sensex is 58180-58025-57865-57750-57660 and the resistance to the up move is at 58415-58540-58660 levels.

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