Market To See Further Profit Booking, Initiate Short If Nifty Closes Below 17235

Last Trading Session: Indian Stock Market opened gap positive for the day. Indian Stock Market moved sharply positive but was not able to sustain higher levels and fell sharply from there. BankNifty saw lows right at EquityPandit’s predicted support levels of 36865 like a dot. Finally, the Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open gap negative. Technically, Indian Stock Market is still in the positive zone but the market would see sharp profit booking as of now. Market would enter into the negative zone if it trades below 17235 for Nifty and 36556 for BankNifty on a closing basis. If the market manages to close below EquityPandit’s predicted reversal levels then traders can initiate fresh short positions.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2743.44 crores whereas DIIs were net buyers of Rs.1351.03 crores in the cash market for the last trading session. Nifty would see strong support at 17285-17240-17170-17110 whereas strong resistance would be seen at 17440-17515-17570-17616 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17368) The support for the Nifty is 17285-17240-17170-17110 and the resistance to the up move is at 17440-17515-17570-17616 levels.

NSE BankNifty: (36925) The support for Bank Nifty is 36711-36608-36540-36365 and the resistance to the up move is 37075-37170-37380-37515-37660 levels.

BSE Sensex: (58283) The support for the Sensex is 58035-57940-57815-57708 and the resistance to the up move is 58385-58540-58660-58740 levels.

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