Market To See Short Covering Rally, BankNifty Strong Until It Holds Above 33308

Last Trading Session: Indian Stock Market flat as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is still in positive zone and would enter into negative zone only if market closes below 14917 for Nifty and 33308 for BankNifty. Market moved sharply negative and saw lows right at EquityPandit’s predicted support levels of 33270 for BankNifty like a dot. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open gap positive. Technically, Nifty has entered into the negative zone while BankNifty is still in the positive zone. BankNifty would enter into the negative zone only if it closes below 33308. Market would see sharp short covering today. Traders should initiate a short position only if BankNifty entered into the negative zone by closing below 33308 and until then wait for confirmation.

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Nifty:

Bank Nifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.71.04 crores whereas DIIs were net sellers of Rs.876.06 crores in the cash market for the last trading session. Nifty would see strong support at 14865-14815-14770-14715 whereas strong resistance would be seen at 14965-15035-15075-15140 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (14906) The support for the Nifty is 14865-14815-14770-14715 and the resistance to the up move is at 14965-15035-15075-15140 levels.

NSE BankNifty: (33335) The support for BankNifty is 33110-33025-32940-32815 and the resistance to the up move is 33515-33606-33770-33888 levels.

BSE Sensex: (49565) The support for the Sensex is 49365-49170-49035-48865 and the resistance to the up move is at 49734-49888-50075-50170-50315 levels.

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