Market Still Bearish, Hold Short Positions For Now

Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted last week that traders can initiate fresh short positions if Nifty closes below 17235 and BanKNifty closes below 36556 levels and exactly the same happened. Indian Stock Market breached EquityPandit’s predicted reversal levels and fell down sharply from there. Traders who followed EquityPandit’s advice to go short might have earned huge profits in the last two trading sessions. Finally, the Indian Stock Market closed a negative gap for the day.

Today: Indian Stock Market will open negative. Technically, the Indian Stock Market is still in the negative zone. Market would enter into the positive zone only if it closes above 17361 for Nifty and 36713 for BankNifty. Market may see some reaction from the support levels after sharp downfall in last few days but overall market would be considered bearish until Nifty and BankNifty holds below EquityPandit’s predicted reversal levels. Sharp downfall can be seen if market trades below the levels of 16950 for Nifty and 35500 levels for BankNifty.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2069.90 crores whereas DIIs were net buyers of Rs.1478.52 crores in the cash market for the last trading session. Nifty would see strong support at 16925-16865-16815-16740 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: (16985) The support for the Nifty is 16925-16865-16815-16740 and the resistance to the up move is at 17035-17110-17170-17240 levels.

NSE BankNifty: (35618) 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: (57012) The support for the Sensex is 56815-56708-56660-55508 and the resistance to the up move is 57270-57380-57515-57660 levels.

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