Market Still Bearish Till Nifty Below 17981 And BankNifty Below 38405

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market has entered into a negative zone and traders should initiate fresh short positions at every positive rally in the market and exactly the same happened. The Indian Stock Market moved sharply negative for the day. Traders who followed EquityPandit’s advice to go short at every rally might have earned huge profits for the day. Finally, the Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open gap negative. Technically, the Indian Stock Market is still in the negative zone. Market would still be considered bearish and traders should continue to hold short positions in the market. Market would enter into the positive zone only if it closes above 17981 for Nifty and 38405 for BankNifty. Traders should initiate fresh long positions only if the market closes above these levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.4679.84 crores whereas DIIs were net buyers of Rs.769.26 crores in the cash market for the last trading session. Nifty would see strong support at 17650-17615-17505-17440 whereas strong resistance would be seen at 17815-17880-17940-18035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17757) The support for the Nifty is 17650-17615-17505-17440 and the resistance to the up move is at 17815-17880-17940-18035 levels.

NSE BankNifty: (37851) The support for Bank Nifty is 37615-37505-37365-37270 and the resistance to the up move is 37952-38110-38270-38385 levels.

BSE Sensex: (59465) The support for the Sensex is 59225-59035-58940-58865 and the resistance to the up move is  59660-59770-59888-60035-60140 levels.

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