Market To Consolidate, Initiate Short Only If Nifty Closes Below 17235

Last Trading Session: Indian Stock Market opened gap negative exactly as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market would see further profit booking and exactly the same happened. The Indian Stock Market saw a sharp downfall during the last trading session. Finally, Indian Stock Market recovered sharply from EquityPandit’s predicted support levels of 36540 for BankNifty like a dot but still closed negative for the day.

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 once it closes below 17235 for Nifty and 36556 for BankNifty. Market would still remain choppy but traders should initiate short positions only if market closes below EquityPandit’s predicted reversal levels and until then there are huge chances for market to see support at these levels and bounce. Once the market closes below 17235, we would see a sharp downfall in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.763.18 crores whereas DIIs were net buyers of Rs.425.43 crores in the cash market for the last trading session. Nifty would see strong support at 17285-17240-17170-17110 whereas strong resistance would be seen at 17440-17515-17570-17616 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17324) The support for the Nifty is 17285-17240-17170-17110 and the resistance to the up move is at 17440-17515-17570-17616 levels.

NSE BankNifty: (36894) The support for Bank Nifty is 36711-36608-36540-36365 and the resistance to the up move is 37075-37170-37380-37515-37660 levels.

BSE Sensex: (58117) The support for the Sensex is 58035-57940-57815-57708 and the resistance to the up move is 58385-58540-58660-58740 levels.

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