Market Over-stretched But Still Bullish, Hold Long Until Nifty Above 13992

Last Trading Session: Indian Stock Market opened gap negative exactly as predicted by EquityPandit. EquityPandit also predicted that the market would see some profit booking but intraday traders can buy after a sharp correction near support levels and book profits near resistances. EquityPandit also predicted that further bullish momentum would be seen above 14150 and exactly the same happened. Indian Stock Market moved sharply negative on the account of profit booking but recovered sharply from EquityPandit’s predicted support levels near 14035 for Nifty and 47880 for Sensex. Market breached EquityPandit’s predicted levels of 14150 and saw a sharp positive rally. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed the gap positive for the day.

Market Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in a positive zone for now. Although the market is over-stretched, bulls are not ready to give up. Market would enter into a negative zone only if it closes below 13992 for Nifty and 30839 for BankNifty. Market would be considered bullish until these levels hold on a closing basis and further rally could be seen in the market. If any correction is seen, then intraday traders can go long near support levels with closing stoploss below 13992 for Nifty. Investors can continue to hold long positions until any strong sign of weakness is seen.

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Nifty:

Bank Nifty:

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FIIs were net buyers of Rs.986.30 crores whereas DIIs were net sellers of Rs.490.03 crores in the cash market for the last trading session. Nifty would see strong support at 14154-14096-14069-14035-13945 whereas strong resistance would be seen at 14240-14270-14315-14365 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (14200) The support for the Nifty is 14154-14096-14069-14035-13945 and the resistance to the up move is at 14240-14270-14315-14365.

NSE BankNifty: (31722) The support for BankNifty is 31600-31440-31365-31240 and the resistance to the up move is 31880-31965-32075-32215-32340.

BSE Sensex: (48438) The support for the Sensex today is 48315-48240-48110-48035 and the resistance to the up move is at 48515-48608-48718-48888 levels.

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