Market To Consolidate, Go Long Only If Market Closes Above 14966 For Nifty and 36290 For BankNifty

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Nifty and Sensex formed Bullish Harami Candlestick Pattern and hence further positive momentum would be seen and exactly the same happened. Indian Stock Market moved sharply positive but saw highs right at EquityPandit’s predicted resistance levels of 50440 for Sensex like a dot and reversed from there. Finally, Indian Stock Market closed the gap positive for the day.

Market Today: Indian Stock Market would open flat with positive bias. Indian Stock Market is still in a negative zone. For now the market would consolidate in a range bound region. Market would enter into a positive zone only if it closes above 14966 levels for Nifty and 36290 for BankNifty. Traders can close all short positions and go long if the market closes above these levels but until then traders can either hold cash in hand or go short at rally near reversal levels in the market.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.2052.87 crores whereas DIIs were net sellers of Rs.854.04 crores in the cash market for the last trading session. Nifty would see strong support at 14865-14815-14770-14715-14645 whereas strong resistance would be seen at 14965-15035-15075-15140 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
  
NSE Nifty: (14919) The support for the Nifty is 14865-14815-14770-14715-14645 and the resistance to the up move is at 14965-15035-15075-15140.

NSE BankNifty: (35420) The support for BankNifty is 35270-35140-35075-34865 and the resistance to the up move is 35515-35606-35715-35808.

BSE Sensex: (50297) The support for the Sensex today is 50025-49885-49770-49615-49508 and the resistance to the up move is at 50440-50635-50770-50888 levels.

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