Market Near Reversal Levels, Hold Long Until Nifty Above 17231 By Closing

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market is still in positive zone but is over-stretched and traders can continue to hold long positions until Nifty holds above 17231 by closing basis and exactly same happened. Indian Stock Market saw a sharp profit booking but saw lows right at EquityPandit’s predicted support levels of 17285 for Nifty like a dot and managed to recover by end of trading session. Nifty saw highs right at EquityPandit’s predicted resistance levels of 17440 like a dot. Finally, the Indian Stock Market closed marginally negative for the day.

Today: Indian Stock Market will open positive. Technically, the Indian Stock Market is still in a positive zone. Market is hovering around the reversal levels and traders should remain cautious. Market would enter into the negative zone if it closes below 17231 for Nifty and 36344 for BankNifty. Traders can initiate fresh short positions if the market manages to close below these levels but until then traders can continue to hold long positions.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.145.45 crores whereas DIIs were net sellers of Rs.136.57 crores in the cash market for the last trading session. Nifty would see strong support at 17325-17285-17240-17170 whereas strong resistance would be seen at 17440-17506-17570 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17362) The support for the Nifty is 17325-17285-17240-17170 and the resistance to the up move is at 17440-17506-17570 levels.

NSE BankNifty: (36469) The support for Bank Nifty is 36380-36270-36110-35950 and the resistance to the up move is 36570-36665-36770-36940 levels.

BSE Sensex: (58279) The support for the Sensex is 58025-57865-57750-57660 and the resistance to the up move is at 58415-58540-58660 levels.

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