Market To See Further Downfall, Continue To Hold Short Positions For Now

Last Trading Session: Indian Stock Market opened gap negative as predicted. EquityPandit predicted that Indian Stock Market would see sharp profit booking (negative movement) and traders should initiate fresh short positions if the market closes below 14683 for Nifty and 32858 for BankNifty and exactly the same happened. Indian Stock Market sharply negative and saw strong support right at EquityPandit’s predicted support levels of 14608. Finally, Indian Stock Market closed the gap negative for the day.

Today: Indian Stock Market would open gap negative. Technically, both Nifty and BankNifty have entered into the negative zone. Indian Stock Market is bearish for now and traders can hold short positions for now. Market may see further downfall and traders can go short at every positive movement in the market.

Check Detailed Analysis of Nifty, BankNifty and Sensex For Today

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.3465.07 crores whereas DIIs were net buyers of Rs.1419.31 crores in the cash market for the last trading session. Nifty would see strong support at 14601-14540-14470-14365 whereas strong resistance would be seen at 14715-14770-14818-14880 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (14631) The support for the Nifty is 14601-14540-14470-14365 and the resistance to the up move is at 14715-14770-14818-14880 levels.

NSE BankNifty: (32782) The support for BankNifty is 32540-32365-32270-32110 and the resistance to the up move is  32888-33075-33240-33380 levels.

BSE Sensex: (48782) The support for the Sensex is 48660-48506-48440-48365 and the resistance to the up move is at 49075-49170-49315-49380-49515  levels.

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