Market To See Sharp Profit Booking, Continue Short Until Nifty Holds Below 15764

Last Trading Session: Indian Stock Market opened gap positive for the day as predicted. EquityPandit predicted that Indian Stock Market would see a sharp short covering rally but traders can go short at rally until Nifty below 15831 and exactly the same happened. Indian Stock Market moved sharply positive on the account of short covering but saw strong resistance right at EquityPandit’s predicted resistance levels of 15770 for Nifty and fell down sharply from there. Traders who followed EquityPandit’s advice to go short at rally might have earned huge profits for the day. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market will open gap negative. Technically, Indian Stock Market, including Nifty, BankNifty and Sensex is still in the negative zone. Market will see profit booking for now. Traders can continue to hold short positions in the market until it trades below 15764 for Nifty and 34914 for BankNifty. Traders should initiate fresh long positions only if the market closes below the reversal levels of 15764 for Nifty and 34914 for BankNifty.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.2680.57 crores whereas DIIs were net buyers of Rs.446.20 crores in the cash market for the last trading session. Nifty would see strong support at 15608-15565-15515-15445 whereas strong resistance would be seen at 15715-15770-15808-15885 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15683) The support for the Nifty is 15608-15565-15515-15445 and the resistance to the up move is at 15715-15770-15808-15885 levels.

NSE BankNifty: (34558) The support for BankNifty is 34365-34240-34075-33865 and the resistance to the up move is 34770-34882-35075-35215 levels.

BSE Sensex: (52344) The support for the Sensex is 52110-52035-51945-51865 and the resistance to the up move is at 52540-52660-52740-52815 levels.

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