Market To Remain Choppy, Initiate Long If Nifty Closes Above 18339

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is still bearish until Nifty closes above 18339 for Nifty but some bounce can’t be ruled out at this point of time as it has seen support from the edge of Triangle pattern and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right below EquityPandit’s predicted resistance levels of 18310 for Nifty like a dot. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market will open negative. Technically, analysis would still remain the same. Nifty is still in the negative zone whereas BankNifty is in the positive zone. Nifty would enter into the positive zone once it closes above 18339 for Nifty. Traders can initiate fresh long positions if the market closes above these levels. Though BankNifty would consolidate for now with some profit booking but it would be considered bullish until it holds below 40499 for BankNifty.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2368.66 crores whereas DIIs were net buyers of Rs.1385.41 crores in the cash market for the last trading session. Nifty would see strong support at 18170-18110-18035-17950 whereas strong resistance would be seen at 18315-18385-18440-18508 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18268) The support for the Nifty is 18170-18110-18035-17950 and the resistance to the up move is at 18315-18385-18440-18508 levels.

NSE BankNifty: (41238) The support for Bank Nifty is 41035-40924-40770-40615 and the resistance to the up move is 41385-41505-41660-41880 levels.

BSE Sensex: (61350) The support for the Sensex is 61240-61075-61940-60815-60707 and the resistance to the up move is at 61540-61652-61770-61888 levels.

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