Market To See Further Short Covering, Initiate Long If Nifty Closes Above 11991

Last Trading Session: Indian Stock Market opened flat with positive bias exactly as predicted. EquityPandit predicted that market is expected to see some sharp short covering rally (Positive rally) and hence traders should book profits in short positions while opening and go short again after the short covering rally and exactly same happened. Indian Stock Market opened flat and moved sharply positive on the account of short covering rally. Traders, who followed EquityPandit’s advice to book profits in short positions and again go short after the positive rally, might have earned huge profits for the day. BankNifty saw highs right at EquityPandit’s predicted resistance levels of 31340 like a dot. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market would open positive. Analysis would still remain same. Market is still in negative zone and would enter into positive zone once it closes above 11991 for Nifty and 31593 for BankNifty. There are strong chances of further short covering and if market closes above these reversal levels then traders can close all short positions and initiate fresh long positions but until then wait for confirmation of the trend.

Nifty:

BankNifty:

Click Here to Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.605.41 crores whereas DIIs were net buyers of Rs.239.87 crores in cash market for last trading session. Nifty would see strong support at 11865-11830-11800-11748 whereas strong resistance would be seen at 11960-12041-12083 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (11910) The support for the Nifty is 11865-11830-11800-11748 and the resistance to the up move is at 11960-12041-12083 levels.

NSE BankNifty: (31257) The support for BankNifty is 31110-31025-30920-30865 and the resistance to the up move is 31340-31405-31455-31600 levels.

BSE Sensex: (40413) The support for the Sensex is 40365-40240-40110-40035 and the resistance to the up move is at 40600-40665-40740-70800 levels.

Note:  If you wish to subscribe for premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services