Market To See Profit Booking, Initiate Short Only If Nifty Closes Below 14683 Levels

Last Trading Session: Indian Stock Market opened gap positive as predicted. EquityPandit predicted that Indian Stock Market is still bullish. Indian stock Market moved sharply positive and saw highs right near EquityPandit’s predicted resistance levels of 15035 for Nifty. Market fell down sharply from there and saw lows right at EquityPandit’s predicted support levels of 14815 for Nifty like a dot. Finally, Indian Stock Market closed marginally positive for the day.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in the positive zone. Market would see sharp profit booking (negative movement) today. Traders can continue to hold long positions until Nifty holds above 14683 for Nifty and 32858 for BankNifty. Traders can go long at dips until these levels hold on a closing basis. Short should be initiated only if the market closes below these levels.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.809.37 crores whereas DIIs were net sellers of Rs.942.35 crores in the cash market for the last trading session. Nifty would see strong support at 14815-14740-14707-14608 whereas strong resistance would be seen at 14945-15035-15080-15145 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (14895) The support for the Nifty is 14815-14740-14707-14608  and the resistance to the up move is at 14945-15035-15080-15145 levels.

NSE BankNifty: (33715) The support for BankNifty is 33580-33515-33365-33240 and the resistance to the up move is  34075-34170-34315-34506 levels.

BSE Sensex: (49766) The support for the Sensex is 49615-49508-49380-49240 and the resistance to the up move is at 50035-50140-50270-50440  levels.

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