Market Would See Some Profit Booking But Initiate Short Only If Nifty Closes Below 15156

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that the market would consolidate for the day and would see immediate support at 15240 for Nifty and exactly the same happened. Indian Stock Market moved sharply positive but saw strong resistance near EquityPandit’s predicted resistance levels of 15440 for Nifty. Market saw sharp profit booking from there and fell down sharply to see lows right at EquityPandit’s predicted support levels of 15240 for Nifty like a dot. Finally, Indian Stock Market closed flat for the day.

Market Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in the positive zone. Market would enter into a negative zone if it closes below 15156 for Nifty and 36320 for BankNifty. Market would see some profit booking but traders should not initiate any short positions until the market closes below EquityPandit’s predicted reversal levels of 15156 for Nifty and 36320 for BankNifty. Market is over-stretched as of now and profit booking cannot be ruled out. Traders can initiate fresh short positions only if the market closes below these levels.

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Nifty:

Bank Nifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.1144.09 crores whereas DIIs were net sellers of Rs.1559.53 crores in the cash market for the last trading session. Nifty would see strong support at 15240-14200-15100-14977 whereas strong resistance would be seen at 15380-15440-15508 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (15313) The support for the Nifty is 15240-14200-15100-14977 and the resistance to the up move is at 15380-15440-15508.

NSE BankNifty: (37098) The support for BankNifty is 37008-36814-36740-36515 and the resistance to the up move is 37508-37660-37770-37865.

BSE Sensex: (52104) The support for the Sensex today is 51985-51880-51740-51600 and the resistance to the up move is at 52240-52380-52470-52600 levels.

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