Market May Ease Down But Would Be Considered Bullish Until Nifty Holds Above 16865

Last Trading Session: Indian Stock Market opened flat in the last trading session. Market moved sharply positive for the day and saw new record highs for the Nifty. Finally, the Indian Stock Market managed to close the gap positive for the day. Nifty closed above 17000 levels while BankNifty remained flat for the day.

Today: Indian Stock Market will open flat. Technically, the Indian Stock Market is still in a positive zone. Nifty is over-stretched and can see some profit booking but overall market would be considered bullish until it holds above 16865 for Nifty and 35824 for BankNifty. Once the market closes below these levels, traders can close all long positions and can initiate fresh short positions. But until then, traders can hold long positions in the market. As seen in the BankNifty chart, it is near the trend channel edge, which may be a make-or-break sign. If BankNifty manages to hold above the channel edge, we may see a sharp rally in BankNifty as it is already consolidating for a long time. But there may be a strong chance of reversal from the channel edge and hence traders should remain cautious.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.3881.16 crores whereas DIIs were net sellers of Rs.1872.40 crores in the cash market for the last trading session. Nifty would see strong support at 17075-17025-16955-16865 whereas strong resistance would be seen at 17165-17215-17270-17340 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17132) The support for the Nifty is 17075-17025-16955-16865 and the resistance to the up move is at 17165-17215-17270-17340 levels.

NSE BankNifty: (36425) The support for Bank Nifty is 36215-36110-36025-35865 and the resistance to the up move is 36655-36770-36888-37000 levels.

BSE Sensex: (57552) The support for the Sensex is 57365-57240-57075-56950 and the resistance to the up move is at 57660-57815-57880-58035 levels.

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