Market Enters Negative Zone, Go Short At Every Positive Rally

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market will see profit booking at this point of time but traders should initiate fresh short positions only if market breaches levels of 17371 for Nifty and 38207 for BankNifty. Finally, the Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open positive. Technically, Indian Stock Markets including Nifty, BankNifty and Sensex have entered into negative zone. Market will see some short covering after three days of consecutive downfall but the overall market would be considered bearish and traders should continue every positive movement as an opportunity to go short in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1157.23 crores whereas DIIs were net sellers of Rs.1376.49 crores in the cash market for the last trading session. Nifty would see strong support at 17440-17385-17270 whereas strong resistance would be seen at 17615-17660-17708-17770-17840 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17214) The support for the Nifty is 17140-17075-17025-16955 and the resistance to the up move is at 17270-17350-17440-17515 levels.

NSE BankNifty: (37995) The support for Bank Nifty is 37770-37510-37345-37215 and the resistance to the up move is 38240-38380-38515-38660 levels.

BSE Sensex: (57621) The support for the Sensex is 57508-57365-57240-57075 and the resistance to the up move is 57815-57880-58035-58180 levels.

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