Market To See Short Covering Rally, Go Short At Rally Until Nifty Below 17698

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market entered a negative zone and traders could go short at every positive rally and exactly the same happened. The Indian Stock market moved sharply negative for the day. 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 positive. Technically, the Indian Stock Market is still in the negative zone. Market would enter into the positive zone once it closes above 17698 for Nifty and 37734 for BankNifty. Market would see some short covering today but traders should go short at every positive rally until Nifty holds below EquityPandit’s predicted reversal levels. Once the market closes above 17698 for Nifty and 37734 for BankNifty then traders should close all short positions and initiate fresh long positions.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.131.39 crores whereas DIIs were net sellers of Rs.613.08 crores in the cash market for the last trading session. Nifty would see strong support at 17505-17440-17365 whereas strong resistance would be seen at 17660-17715-17770-17815 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17532) The support for the Nifty is 17505-17440-17365 and the resistance to the up move is at 17660-17715-17770-17815 levels.

NSE BankNifty: (37226) The support for Bank Nifty is 37110-36940-36865-36815 and the resistance to the up move is 37440-37608-37740-37870-37952 levels.

BSE Sensex: (58766) The support for the Sensex is 58660-58570-58452-58340 and the resistance to the up move is at 58940-58110-59340-59515 levels.

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