Market To See Gap Negative Opening, Initiate Short If Nifty Closes Below 15801

Last Trading Session: Indian Stock Market opened flat with positive bias for the day. EquityPandit predicted that Indian Stock Market is consolidating and traders can continue long positions until the market holds above 15777. Indian Stock Market moved positive but saw strong resistance right at EquityPandit’s predicted resistance levels of 15970 for Nifty and saw profit booking from there. Finally, Indian Stock Market closed flat for the day. BankNifty closed right above EquityPandit’s predicted support levels of 35740.

Today: Indian Stock Market will open gap negative. Technically, Indian Stock Market is still in a positive zone. Market would enter into the negative zone once it closes below 15801 for Nifty and 35380 for BankNifty. Market will see a gap negative opening today followed by global cues. Some recovery can be seen in later parts of the market. Market would be considered bearish if it closes below 15801 for Nifty and 35380 for BankNifty. If the market manages to close below these levels then traders can close all long positions and initiate fresh short positions in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.466.30 crores whereas DIIs were net buyers of Rs.666.07 crores in the cash market for the last trading session. Nifty would see strong support at 15865-15815-15770-15708 whereas strong resistance would be seen at 15970-16035-16075-16140 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15923) The support for the Nifty is 15865-15815-15770-15708 and the resistance to the up move is at 15970-16035-16075-16140 levels.

NSE BankNifty: (35752) The support for Bank Nifty is 35608-35515-35440-35342 and the resistance to the up move is 35955-36035-36170-36380 levels.

BSE Sensex: (53140) The support for the Sensex is 53035-52880-52770-52608 and the resistance to the up move is at 52365-52508-52660-52770 levels.

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