Initiate Short Only If Nifty Closes Below 15156, Until Then Hold Long Positions

Last Trading Session: Indian Stock Market opened negative for the day. EquityPandit predicted that the market would see some profit booking but traders should initiate short positions only if Nifty closes below 15156 levels. Indian Stock Market saw sharp profit booking and saw support near EquityPandit’s predicted reversal levels of 15156. Finally, Indian Stock Market closed gap negative for the day just above EquityPandit’s predicted support levels of 15200 for Nifty.

Market Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in the positive zone. As stated yesterday, the market would enter into a negative zone only if it closes below 15156 for Nifty and 36320 for BankNifty and until then traders should not initiate short positions in the market. Once the market closes below these levels then traders can initiate fresh short positions but until then the market can anytime surprise with another positive movement and hence traders should remain cautious and follow the reversal levels as updated on a daily basis.

Check Detailed Analysis of Nifty, BankNifty and Sensex For Today

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Nifty:

Bank Nifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.1008.20 crores whereas DIIs were net sellers of Rs.1283.38 crores in the cash market for the last trading session. Nifty would see strong support at 15165-15100-14977 whereas strong resistance would be seen at 15280-15315-15380-15440 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (15209) The support for the Nifty is 15165-15100-14977 and the resistance to the up move is at 15280-15315-15380-15440.

NSE BankNifty: (36911) The support for BankNifty is 36814-36740-36515-36400 and the resistance to the up move is 37270-37380-37508-37660.

BSE Sensex: (51704) The support for the Sensex today is 51580-51365-51240-51100 and the resistance to the up move is at 51880-52075-52240-52380 levels.

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