Initiate Short Only If Nifty Closes Below 12051 But Until Then Wait For Confirmation

Last Trading Session: Indian Stock Market opened flat for the day. Market moved positive but was not able to sustain higher levels and fell down sharply from EquityPandit’s predicted resistance levels of 12240 for Nifty. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat. Technically, Nifty is still in positive zone but BankNifty has entered into negative zone in last trading session. Nifty would also enter into negative zone once it closes below 12051 levels. Now traders should wait for the confirmation before taking further trades. Traders should initiate fresh short positions only if Nifty closes below 12051 levels as bearish sentiments would be confirmed. Whereas if BankNifty again closes above 31568 then market would confirm bullish sentiments and traders can undoubtedly trade long in the market. For now, traders should wait for the confirmation and follow the EquityPandit given levels to avoid any risk.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.704.92 crores whereas DIIs were net buyers of Rs.219.54 crores in cash market for last trading session. Nifty would see strong support at 12070-12035-12000-11980 whereas strong resistance would be seen at 12155-12185-12201-12240 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (12113) The support for the Nifty is 12070-12035-12000-11980 and the resistance to the up move is at 12155-12185-12201-12240 levels.

NSE BankNifty: (30835) The support for BankNifty is 30700-30600-30518-30440-30338 and the resistance to the up move is 30940-31075-31169-31270 levels.

BSE Sensex: (41258) The support for the Sensex is 41180-41100-41035-41000-40880 and the resistance to the up move is at 41380-41440-41575-41705 levels.

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