Short Covering Can Be Seen But Nifty Bearish Until It Holds Below 18400

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market would hold current levels until BankNifty is in positive zone. Indian Stock Market moved sharply negative and saw lows right at EquityPandit’s predicted support levels of 18035 for Nifty like a dot. The Indian Stock Market recovered from there by the end of the session. Finally, Indian Stock Market closed negative while BankNifty closed positive for the day. Nifty closed right above EquityPandit’s predicted support levels of 18110 like a dot.

Today: Indian Stock Market will open flat. Technically, analysis would still remain the same. Nifty is already in the negative zone whereas BankNifty is still in the positive zone. BankNifty would be considered strong until it holds above 39783 levels. Once BankNifty closes below these levels, we would see a sharp downfall in the market. Nifty is already weak and would see a reversal only if it closes above 18400 levels but until then the market would trade sideways. Some short covering can be seen in Nifty after a week of downfall but traders should initiate long positions only if it closes above 18400 levels and until then traders should continue to go short at rally.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2697.70 crores whereas DIIs were net buyers of Rs.1029.97 crores in the cash market for the last trading session. Nifty would see strong support at 18035-17950-17880-17815 whereas strong resistance would be seen at 18170-18240-18315-18385 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18115) The support for the Nifty is 18035-17950-17880-17815 and the resistance to the up move is at 18170-18240-18315-18385 levels.

NSE BankNifty: (40324) The support for Bank Nifty is 40240-40110-40035-39865 and the resistance to the up move is 40440-40580-40660-40752 levels.

BSE Sensex: (60821) The support for the Sensex is 60707-60640-60515-60365 and the resistance to the up move is at 60950-61110-61270-61380-61540 levels.

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