Market To See Short Covering But Go Short At Rally Until Nifty Below 15831

Last Trading Session: Indian Stock Market opened negative for the day. EquityPandit predicted that Indian Stock Market would enter into negative zone if market closes below 15739 levels for Nifty and 34623 levels for BankNifty and same happened. Sensex saw lows right at EquityPandit’s predicted support levels of 52035 like a dot. Indian Stock Market moved sharply negative and finally the market closed gap negative for the day.

Today: Indian Stock Market will open gap positive. Technically, Indian Stock Market, including Nifty, BankNifty and Sensex have entered into negative zone. Market will see positive movement on the account of short covering but traders should remain cautious as market entered negative zone. Market will enter into the positive zone again only if it closes above 15831 for Nifty and 35166 levels for BankNifty. Traders can go short at every rally in the market until the market holds below these reversal levels.  

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.879.73 crores whereas DIIs were net buyers of Rs.45.24 crores in the cash market for the last trading session. Nifty would see strong support at 15608-15565-15515-15445 whereas strong resistance would be seen at 15715-15770-15808-15885 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15691) The support for the Nifty is 15608-15565-15515-15445 and the resistance to the up move is at 15715-15770-15808-15885 levels.

NSE BankNifty: (34605) The support for BankNifty is 34500-34365-34240-34075 and the resistance to the up move is 34882-35075-35215-35355 levels.

BSE Sensex: (52323) The support for the Sensex is 52110-52035-51945-51865 and the resistance to the up move is at 52540-52660-52740-52815 levels.

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