Market Will Continue To Remain Weak Until Nifty Below 17789, Hold Short For Now

Last Trading Session: Indian Stock Market opened gap negative as predicted by EquityPandit. EquityPandit predicted that the market is bearish and traders can continue to hold short positions in the market. Market fell down sharply after a negative opening. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, the Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open gap negative. Technically, analysis would still remain the same. The Indian Stock Market is still in the negative zone. Market would still be considered bearish till it holds below 17789 for Nifty and 38004 for BankNifty. Traders should initiate fresh long positions only if the market closes below these levels but until then traders should continue to hold short positions in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.3148.58 crores whereas DIIs were net buyers of Rs.269.36 crores in the cash market for the last trading session. Nifty would see strong support at 17540-17450-17365-17270 whereas strong resistance would be seen at 17715-17770-17825-17880 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17617) The support for the Nifty is 17540-17450-17365-17270 and the resistance to the up move is at 17715-17770-17825-17880 levels.

NSE BankNifty: (37574) The support for Bank Nifty is 37365-37240-37110-36940 and the resistance to the up move is 37740-37870-37952-38075 levels.

BSE Sensex: (59037) The support for the Sensex is 58815-58700-58608-58470 and the resistance to the up move is  59270-59385-59540-59660 levels.

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