Profit Booking To Be Seen But Market Bullish Until Nifty Holds Above 16930

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Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted that Nifty would be considered bullish until it holds above 16803 and traders can continue to hold long positions and exactly the same happened. Indian Stock Market opened gap positive for the day. BankNifty consolidated for the whole day but Nifty saw a sharp rally as predicted. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market will open negative. Technically, analysis would remain the same. Nifty is still in the positive zone whereas BankNifty is still in the negative zone. Market will see some profit booking but will be considered strong until Nifty holds above 16930 levels. BankNifty would enter into the positive zone once it closes above 35352 levels and if that happens, the Indian Stock Market would see a sharp positive rally.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.207.31 crores whereas DIIs were net buyers of Rs.567.47 crores in the cash market for the last trading session. Nifty would see strong support at 17140-17075-17025-16955 whereas strong resistance would be seen at 17270-17350-17440-17515 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17233) The support for the Nifty is 17140-17075-17025-16955 and the resistance to the up move is at 17270-17350-17440-17515 levels.

NSE BankNifty: (35184) The support for Bank Nifty is 35035-34940-34815-34707 and the resistance to the up move is 35380-35515-35608-35770 levels.

BSE Sensex: (57897) The support for the Sensex is 57715-57508-57365-57240 and the resistance to the up move is 58035-58180-58385-58540 levels.

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