Market Still In Positive Zone, Initiate Short Only If Nifty Closes Below 17355

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market would see profit booking but traders should initiate short positions only if Nifty closes below 17231 and exactly the same happened. The Indian Stock Market moved sharply negative but recovered by the end of the trading session. Finally, the Indian Stock Market closed marginally negative for the day.

Today: Indian Stock Market will open positive. Technically, analysis would still remain the same. The Indian Stock Market is still in a positive zone. Though the market is over-stretched and some profit booking may be seen in days to come, traders should initiate short positions only if the market closes below 17231 for Nifty and 36344 for BankNifty. Until then traders should continue to hold long positions in the market.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.423.44 crores whereas DIIs were net buyers of Rs.704.21 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: (17355) 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: (36471) The support for Bank Nifty is 36340-36270-36110-36025 and the resistance to the up move is 36615-36770-36888-36940 levels.

BSE Sensex: (58178) The support for the Sensex is 58025-57865-57750-57660 and the resistance to the up move is at 58285-58415-58540-58660 levels.

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