Market To See Further Profit Booking, Initiate Short Only If Nifty Closes below 17700

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market would consolidate and traders can go long at dips until market holds above 17740 for Nifty on closing basis. Indian Stock Market saw a sharp downfall but recovered sharply from there to close just above EquityPandit’s predicted reversal levels for Nifty and BankNifty. Finally, the Indian Stock Market closed negative for the day.

Today: Indian Stock Market will open gap negative. Technically, Indian Stock Market is still in the positive zone but would enter into the negative zone once it closes below 17700 for Nifty and 37508 for BankNifty. Traders can close all long positions and initiate fresh short positions once market closes below these levels but until then traders can go long at dips with cautious approach.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1957.70 crores whereas DIIs were net buyers of Rs.161.45 crores in the cash market for the last trading session. Nifty would see strong support at 17715-17660-17608-17540 whereas strong resistance would be seen at 17815-17880-17940-18005 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17749) The support for the Nifty is 17715-17660-17608-17540 and the resistance to the up move is at 17815-17880-17940-18005 levels.

NSE BankNifty: (37945) The support for Bank Nifty is 37815-37740-37615-37505 and the resistance to the up move is 38110-38270-38380-38515 levels.

BSE Sensex: (59668) The support for the Sensex is 59506-59380-59225-59035 and the resistance to the up move is at 59888-60035-60110-60278 levels.

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