Market To See Sharp Short Covering As A Reaction To Friday’s Downfall But Go Short At Rally

Last Trading Session: Indian Stock Market opened gap negative as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see sharp profit booking and traders can initiate fresh short positions below 14898 for Nifty. Market moved sharply negative as predicted by EquityPandit. Finally, Indian Stock Market closed the gap negative for the day.

Market Today: Indian Stock Market would open gap positive. Indian Stock Market including Nifty and BankNifty has entered into negative zone. Market would see a sharp short covering rally (Positive movement) after a steep downfall on Friday. Traders should consider that positive rally as an opportunity to go short in the market. Overall, the market would be considered bearish until it holds below 14966 for Nifty and 36307 for BankNifty. Traders can wait for the market to see a sharp positive rally and then can go short if higher levels are not sustained. Traders should not initiate long positions until the market closes above the reversal levels of 14966 for Nifty and 36307 levels for BankNifty.

Check Detailed Analysis of Nifty, BankNifty and Sensex For Today

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Nifty:

Bank Nifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.8295.17 crores whereas DIIs were net buyers of Rs.1499.70 crores in the cash market for the last trading session. Nifty would see strong support at 14465-14380-14325-14270 whereas strong resistance would be seen at 14590-14660-14697-14745-14815 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
  
NSE Nifty: (14529) The support for the Nifty is 14465-14380-14325-14270 and the resistance to the up move is at 14590-14660-14697-14745-14815.

NSE BankNifty: (34804) The support for BankNifty is 34660-34522-34380-34167 and the resistance to the up move is 35075-35170-35325-35515.

BSE Sensex: (49100) The support for the Sensex today is 48880-48715-48606-48500 and the resistance to the up move is at 49365-49506-49660-49785 levels.

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