Market Trading Sideways In A Rangebound Region, Initiate Short If Nifty Closes Below 15707

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market would see sharp downfall and traders can continue to hold short positions until BankNifty holds below 35051. Indian Stock Market moved sharply negative and saw lows right at EquityPandit’s predicted support levels of 52540 for Sensex. Finally, Indian Stock Market closed negative for the day as predicted.

Today: Indian Stock Market will open positive. Technically, the market is still range bound as Nifty is still in the positive zone while BankNifty is in the negative zone. Market would see some short covering today. Market would enter into bearish trend if Nifty manages to close below 15707 whereas bullish trend would be confirmed if BankNifty manages to close above 35051. Until either of this happens, the market would continue to see sideways movement. If any of these conditions is satisfied, traders can trade in that direction. EquityPandit’s Index Subscribers are earning huge profits every month. Subscribe Index Special Service under Biggest Offer to get Premium recommendations on BankNifty and Nifty at Biggest Ever Discounts. Biggest Offer to Finish Anytime Now.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.3848.31 crores whereas DIIs were net buyers of Rs.2956.68 crores in the cash market for the last trading session. Nifty would see strong support at 15708-15660-15615-15505 whereas strong resistance would be seen at 15808-15885-15945-15970 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15763) The support for the Nifty is 15708-15660-15615-15505 and the resistance to the up move is at 15808-15885-15945-15970 levels.

NSE BankNifty: (34584) The support for Bank Nifty is 34505-34365-34240-34110 and the resistance to the up move is 34715-34808-34888-35085-35170 levels.

BSE Sensex: (52587) The support for the Sensex is 52440-52370-52115-52035 and the resistance to the up move is at 52740-52880-53035-53140 levels.

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