Market To See Further Short Covering, Go Long Only If BankNifty Closes Above 35132

Last Trading Session: Indian Stock Market opened gap positive for the day. Market saw a sharp short covering rally and saw strong bounce for the day and saw strong resistance near EquityPandit’s predicted resistance levels of 52888 for Sensex. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market will open positive. Technically, Nifty has entered into positive zone but BankNifty is still in negative zone. BankNifty would enter into positive zone only if it closes above 35132 levels. For now, market would be highly volatile in a rangebound region. Market would see further short covering but traders should wait for BankNifty to enter into positive zone before taking any long position.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.247.59 crores whereas DIIs were net buyers of Rs.942.55 crores in the cash market for the last trading session. Nifty would see strong support at 15770-15708-15660-15615 whereas strong resistance would be seen at 15885-15945-15970-16035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15824) The support for the Nifty is 15770-15708-15660-15615 and the resistance to the up move is at 15885-15945-15970-16035 levels.

NSE BankNifty: (34677) The support for Bank Nifty is 34515-34440-34340-34270 and the resistance to the up move is 34815-34880-34952-35075 levels.

BSE Sensex: (52837) The support for the Sensex is 52715-52608-52500-52365 and the resistance to the up move is at 52945-53110-53270-53380 levels.

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