Market Still Bearish But Over-Stretched, Sharp Short Covering To Be Seen If Nifty Holds Above 16410

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market is still bearish and traders should continue to go short at the rally for now. EquityPandit also predicted that the market would see sharp downfall if it trades below 16950 levels for Nifty and 35500 levels for BankNifty and exactly the same happened. Traders who followed EquityPandit’s advice might have earned whopping profits for the day. Finally, the Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open gap positive. Technically, the Indian Stock Market is still in the negative zone. Market is over-stretched and if the markets are able to trade above the levels of yesterday’s lows i.e. 16410 levels for Nifty and 34018 levels for BankNifty then we may see a V-shaped recovery. Breaching levels of yesterday’s lows would force the market to see another downfall. Overall, the market is weak but some sharp positive reaction would be seen at these levels on the account of short covering. Traders should remain cautious for now.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.3565.36 crores whereas DIIs were net buyers of Rs.2764.02 crores in the cash market for the last trading session. Nifty would see strong support at 16508-16440-16365-16270 whereas strong resistance would be seen at 16770-16880-16940-17035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (16614) The support for the Nifty is 16508-16440-16365-16270 and the resistance to the up move is at 16770-16880-16940-17035 levels.

NSE BankNifty: (34440) The support for Bank Nifty is 34240-34110-34025-33865 and the resistance to the up move is 34670-34740-34888-35085 levels.

BSE Sensex: (55822) The support for the Sensex is 55615-55450-55340-55215-55110 and the resistance to the up move is 56035-56170-56270-56385-56540 levels.

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