Market To Consolidate After A Sharp Rally, Hold Long Until Nifty Above 17510

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Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Indian Stock Market is still bullish and traders should go long at dips until Nifty holds above 17318 and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 17825 for Nifty like a dot. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market will open negative. Technically, the Indian Stock Market is still in a positive zone. Market would enter into the negative zone only if it closes below 17510 for Nifty and 36032 for BankNifty. Some profit booking would be seen in the market but traders should initiate fresh short positions only if the market closes below these levels and until then traders can book partial profits and continue to hold remaining long positions.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.1273.86 crores whereas DIIs were net buyers of Rs.532.97 crores in the cash market for the last trading session. Nifty would see strong support at 17770-17715-17650-17615-17505 whereas strong resistance would be seen at 17880-17940-18035-18075 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17805) The support for the Nifty is 17770-17715-17650-17615-17505 and the resistance to the up move is at 17880-17940-18035-18075 levels.

NSE BankNifty: (36840) The support for Bank Nifty is 36715-36660-36515-36340 and the resistance to the up move is 36952-37075-37140-37270 levels.

BSE Sensex: (59856) The support for the Sensex is 59608-59440-59365-59265 and the resistance to the up move is  60075-60170-60340-60515-60660 levels.

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