Market Consolidating, Initiate Short Only If Market Closes Below 15043 For Nifty

Last Trading Session: Indian Stock Market positive as predicted. EquityPandit predicted that the market is still bullish and traders can continue to hold long positions for now. Market moved positive but was not able to sustain higher levels. Finally, Indian Stock Market closed flat for the day. BankNifty remained under pressure and saw some profit booking as predicted by EquityPandit.

Today: Indian Stock Market will open flat. Technically, Indian Stock Market is still in a positive zone. Market would enter into the negative zone only if it closes below 15043 for Nifty and 34144 for BankNifty. On an intraday basis, if the market breaches levels of 15160 then we may see further selling in the market. Market will consolidate for now and some profit booking can’t be ruled out. Overall, the market would be considered bullish until it holds above 15043 for Nifty and 34144 levels for BankNifty and until then traders can continue to hold long positions in the market or go long at dips.

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Nifty:

Bank Nifty:

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FIIs were net buyers of Rs.959.77 crores whereas DIIs were net sellers of Rs.563.59 crores in the cash market for the last trading session. Nifty would see strong support at 15100-15035-14977-14865 whereas strong resistance would be seen at 15255-15280-15315-15380 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15208) The support for the Nifty is 15100-15035-14977-14865 and the resistance to the up move is at 15255-15280-15315-15380 levels.

NSE BankNifty: (34662) The support for BankNifty is 34500-34365-34240-34075 and the resistance to the up move is 34882-35075-35215-35355-35508 levels.

BSE Sensex: (50638) The support for the Sensex is 50485-50315-50170-50035 and the resistance to the up move is at 50890-51075-51240-51380 levels.

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