Initiate Long If Market Closes Above 15812 For Nifty And 35191 For BankNIfty, Until Then Go Short At Rally

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that market will see short covering and traders can go short at positive rally until Nifty holds below 15854. Indian stock Market moved sharply positive and saw highs right near EquityPandit’s predicted resistance levels of 34880 for BankNifty and 52515 for Sensex. Finally, Indian stock Market closed positive for the day. BankNifty closed right below EquityPandit’s predicted resistance levels of 34815. Narrowing of Bollinger Bands hints that we are near a big breakout or a breakdown in the market. Traders should follow the reversal levels very strictly to capture the upcoming breakout or breakdown.

Today: Indian Stock Market will open gap positive. Technically, Indian Stock Market is still in the negative zone. Market will enter into the positive zone once it closes above 15812 for Nifty and 35191 for BankNifty. Traders can initiate fresh long positions only if the market closes above these levels but until then traders can go short at every positive rally in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.982.80 crores whereas DIIs were net buyers of Rs.930.39 crores in the cash market for the last trading session. Nifty would see strong support at 15660-15615-15540-15454 whereas strong resistance would be seen at 15770-15815-15885-15945 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15722) The support for the Nifty is 15660-15615-15540-15454 and the resistance to the up move is at 15770-15815-15885-15945 levels.

NSE BankNifty: (34810) The support for BankNifty is 34705-34606-34515-34440 and the resistance to the up move is 34880-34952-35075-35170 levels.

BSE Sensex: (52485) The support for the Sensex is 52240-52035-51880-51740 and the resistance to the up move is at 52660-52740-52815-52962 levels.

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