Market To See Some Short Covering But Go Short At Rally Until Nifty Below 18006

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that traders can initiate short positions if the market closes below 17957 and exactly the same happened. Market moved sharply negative and traders who followed EquityPandit’s advice to go short if Nifty closes below 17957 might have earned huge profits in the last trading session. Finally, the Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open positive. Technically, the Indian Stock Market is still in the negative zone. Market would enter into the positive zone only if it closes above 18006 levels for Nifty and 38501 for BankNifty. Market will see some short covering after sharp downfall in the last two trading sessions but traders should go short at every positive movement in the market until the market holds below these levels. Traders should initiate fresh long positions only if the market closes above these levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.3930.62 crores whereas DIIs were net buyers of Rs.1885.66 crores in the cash market for the last trading session. Nifty would see strong support at 17952-17865-17815-17770 whereas strong resistance would be seen at 18070-18140-18170-18270 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17765) The support for the Nifty is 17670-17615-17508-17365 and the resistance to the up move is at 17880-17952-18035-18075 levels.

NSE BankNifty: (37976) The support for Bank Nifty is 37815-37714-37607-37515 and the resistance to the up move is 38110-38240-38375-38515 levels.

BSE Sensex: (59636) The support for the Sensex is 59515-59380-59270-59115 and the resistance to the up move is 59780-59888-59940-60110 levels.

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