Indian Stock To Open Gap Positive And See Short Covering Rally, Go Short At Rally

Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that the Indian Stock Market would remain choppy until BankNifty holds below 36658. EquityPandit also predicted that the market would see a sharp downfall if Nifty breaches 17009 and exactly the same happened. Indian Stock Market fell down sharply and closed gap negative for the day. Traders who followed EquityPandit’s advice might have earned huge profits for the day.

Today: Indian Stock Market will open gap positive. Technically, BankNifty was already in the negative zone and now Nifty has also entered into the negative zone. Market would see a short covering rally as a reaction to the sharp downfall in the last trading session but traders should consider this rally as an opportunity to go short in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.3361.28 crores whereas DIIs were net buyers of Rs.1701.56 crores in the cash market for the last trading session. Nifty would see strong support at 16865-16815-16740-16660 whereas strong resistance would be seen at 17035-17110-17170-17240 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (16912) The support for the Nifty is 16865-16815-16740-16660 and the resistance to the up move is at 17035-17110-17170-17240 levels.

NSE BankNifty: (35736) The support for Bank Nifty is 35505-35365-35270-35140 and the resistance to the up move is 35880-35952-36140-36340 levels.

BSE Sensex: (56747) The support for the Sensex is 56608-56440-56325-56240 and the resistance to the up move is 56880-57025-57140-57270 levels.

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