Market Bearish If BankNifty Manages To Close Below 35178

Last Trading Session: Indian Stock Market opened negative for the day. EquityPandit predicted that the market is still in the positive zone and traders can initiate short positions if the market closes below 15744 for Nifty and 35058 levels for BankNifty. Indian Stock Market saw a sharp profit booking and finally closed the gap negative for the day.

Today: Indian Stock Market will open negative. Technically, Nifty has entered into the negative zone whereas BankNifty is still in the positive zone. BankNifty will enter into negative zone once it closes 35178 for BankNifty whereas Nifty would again enter into positive zone if it manages to close above 15907 levels. Traders can remain cautious for now until either of two levels are breached. Traders can initiate fresh short positions if BankNifty manages to close below 35178 levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.554.92 crores whereas DIIs were net sellers of Rs.949.18 crores in the cash market for the last trading session. Nifty would see strong support at 15660-15615-15508-15440 whereas strong resistance would be seen at 15815-15885-15945-15970 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15728) The support for the Nifty is 15660-15615-15508-15440 and the resistance to the up move is at 15815-15885-15945-15970 levels.

NSE BankNifty: (35274) The support for BankNifty is 35075-34945-34808-34700-34615 and the resistance to the up move is 35380-35570-35662-35770 levels.

BSE Sensex: (52569) The support for the Sensex is 52365-52240-52035-51880 and the resistance to the up move is at 52740-52815-52888-52945 levels.

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