Market Still Bearish, Continue To Hold Short Positions For Now

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that short covering would be seen but traders should not go long until Nifty closes above 14551 and exactly the same happened. EquityPandit predicted that the market would be considered bearish until Nifty held below 14551 and one can go short in the market if BankNifty closes below 31143 and the same happens. Indian Stock Market fell down sharply and saw support right near EquityPandit’s predicted support levels of 14215. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open negative. Technically, Nifty is still in the negative zone and now BankNifty has also entered into a negative zone. Market would remain under pressure and would see some downfall. As suggested earlier, traders can continue to hold short positions in the market until Nifty holds below 14551 levels on closing basis.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1082.33 crores whereas DIIs were net buyers of Rs.1323.01 crores in the cash market for the last trading session. Nifty would see strong support at 14215-14110-14025-13945 whereas strong resistance would be seen at 14365-14440-14506-14585 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (14296) The support for the Nifty is 14215-14110-14025-13945 and the resistance to the up move is at 14365-14440-14506-14585 levels.

NSE BankNifty: (31113) The support for BankNifty is 30865-30700-30540-30400-30215 and the resistance to the up move is 31380-31540-31660-31815 levels.

BSE Sensex: (47706) The support for the Sensex is 47500-47365-47110-46880 and the resistance to the up move is at 47965-48270-48380-48515 levels.

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