Market Bullish Only If It Closes Above 17285 For Nifty But Until Then Go Short At Rally

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Indian Stock Market is still bearish and some short covering rally would be seen but traders should initiate fresh long positions if Nifty manages to close above 17285. Market moved sharply positive for the day. Finally, Indian Stock Market closed gap positive right below EquityPandit’s predicted resistance levels of 17170 for Nifty.

Today: Indian Stock Market will open negative. Technically, the Indian Stock Market is still in the negative zone and as predicted yesterday, it would enter into the positive zone only if it closes above 17285 for Nifty and 36658 for BankNifty. Traders can initiate long positions if the market manages to close above these levels but until then every positive movement would be an opportunity to go short in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2765.84 crores whereas DIIs were net buyers of Rs.3467.02 crores in the cash market for the last trading session. Nifty would see strong support at 16925-16865-16815-16740 whereas strong resistance would be seen at 17215-17270-17350-17440 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17167) The support for the Nifty is 17075-17025-16955-16865 and the resistance to the up move is at 17215-17270-17350-17440 levels.

NSE BankNifty: (36365) The support for Bank Nifty is 36270-36110-35950-35865 and the resistance to the up move is 36570-36665-36770-36940 levels.

BSE Sensex: (57684) The support for the Sensex is 57508-57365-57240-57075 and the resistance to the up move is 57815-57880-58035-58180 levels.