Market To See Short Covering But Go Short At Positive Rally Until Nifty Below 15854

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that BankNifty is already in the negative zone and traders can initiate fresh short positions if Nifty closes below 15681 levels. Indian Stock Market was not able to hold higher levels and fell down sharply to see lows right near EquityPandit’s predicted support levels of 15660 for Nifty. Finally, Indian Stock Market closed right at EquityPandit’s predicted reversal levels of 15681 like a dot.

Today: Indian Stock Market will open positive. Technically, BankNifty was already in the negative zone and yesterday Nifty also closed right at reversal levels. Market will enter into the positive zone only if it closes above 15854 for Nifty and 35293 for BankNifty and until then the market would be considered bearish. Narrowing of Bollinger Bands suggest that the market has seen a long consolidation in a narrow range and is ready to see a sharp movement in either side. Indian Stock Market to see short covering rally (Positive Movement) today but traders can go short at every positive movement in the market until it holds below the reversal levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1245.29 crores whereas DIIs were net buyers of Rs.880.60 crores in the cash market for the last trading session. Nifty would see strong support at 15615-15540-15454-15365 whereas strong resistance would be seen at 15770-15815-15885-15945 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15680) The support for the Nifty is 15615-15540-15454-15365 and the resistance to the up move is at 15770-15815-15885-15945 levels.

NSE BankNifty: (34684) The support for BankNifty is 34606-34515-34440-34340 and the resistance to the up move is 34815-34880-34952-35075 levels.

BSE Sensex: (52319) The support for the Sensex is 52240-52035-51880-51740 and the resistance to the up move is at 52515-52660-52740-52815 levels.

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