Market To See Short Covering Rally, Go Short At Rally Until Nifty Holds Below 17613 By Closing

Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market is still in the negative zone and traders can initiate long only if Nifty closes above 17589 but until then traders should go short at every rally in the market and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 17615 for Nifty like a dot. Market was not able to sustain higher levels and fell down sharply to close to negative for the day.

Today: Indian Stock Market will open gap positive. Technically, the Indian Stock Market is still in the negative zone but the market would enter into the positive zone once it closes above 17613 for Nifty and 37492 for BankNifty. Market will see some short covering today. Traders should close all short positions and initiate fresh long positions only if the market closes above 17613 for Nifty and 37492 for BankNifty but until then traders  can go short at rally.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1943.26 crores whereas DIIs were net buyers of Rs.1850.02 crores in the cash market for the last trading session. Nifty would see strong support at 17515-17440-17385 whereas strong resistance would be seen at 17615-17660-17708-17770 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17547) The support for the Nifty is 17515-17440-17385 and the resistance to the up move is at 17615-17660-17708-17770 levels.

NSE BankNifty: (36945) The support for Bank Nifty is 36815-36711-36608-36540 and the resistance to the up move is 37170-37380-37515-37660 levels.

BSE Sensex: (58927) The support for the Sensex is 58815-58700-58608-58470 and the resistance to the up move is at 59110-59270-59385-59540 levels.

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