Market To See Short Covering But Still Bearish, Go Short At Positive Rally

Last Trading Session: Indian Stock Market opened gap negative for the day. EquityPandit predicted last week that traders should go long only if Nifty closes above 17628, else every positive rally would be an opportunity to go short in the market and exactly the same happened. Indian Stock Market moved sharply negative and traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, the Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open gap positive. Technically, the Indian Stock Market is still in the negative zone. Market has seen a sharp downfall and today market will see some short covering rally (Positive movement). Traders should consider that short covering as an opportunity to go short in the market. Overall, the market is bearish until it holds below 17457 for Nifty and 37150 for BankNifty.

Check Now The List Of Stocks To Buy Today

Check Detailed Analysis of Nifty, Bank Nifty and Sensex For Today

Now Analyze Any Stock Yourself Just In a Few Minutes…

A Free but the Most Powerful Tool For Smarter Analysis of any stock. Analyze any stock at: StockFact – Top Stock Research, Screener And Analysis Tool

Nifty:

Bank Nifty:

FIIs were net sellers of Rs.5785.83 crores whereas DIIs were net buyers of Rs.2294.11 crores in the cash market for the last trading session. Nifty would see strong support at 16945-16865-16815-19740 whereas strong resistance would be seen at 17110-17170-17240-17365 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17026) The support for the Nifty is 16945-16865-16815-19740 and the resistance to the up move is at 17110-17170-17240-17365 levels.

NSE BankNifty: (36026) The support for Bank Nifty is 35880-35715-35608-35505 and the resistance to the up move is 36110-36270-36385-36525 levels.

BSE Sensex: (57107) The support for the Sensex is 56940-56815-56708-56660 and the resistance to the up move is 57270-57380-57515-57660 levels.

Premium Subscription Pricing details can be seen at Stock Market Premium Services