BankNifty Enters Negative Zone, Initiate Short If Nifty Trades Below 15681

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that traders can initiate fresh short positions if market closes below 15681 for Nifty and 34820 for BankNifty. Market saw sharp downfall and saw lows right at EquityPandit’s predicted support levels of 15708 for Nifty like a dot. Finally, Indian Stock Market closed negative for the day. BankNifty closed right above EquityPandit’s predicted support levels of 34770 like a dot.

Today: Indian Stock Market will open Flat. Technically, BankNifty has entered into the negative zone whereas Nifty is still in the positive zone. Nifty would enter into the negative zone only if it closes below 15681 levels whereas BankNifty would again enter into the positive zone once it closes above 35549 levels. Traders should wait until either of these breaches their reversal levels. Once Nifty or BankNifty breaches their reversal levels by closing, traders can initiate fresh positions in that direction. Traders can go short if Nifty closes below 15681.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1646.66 crores whereas DIIs were net buyers of Rs.1520.18 crores in the cash market for the last trading session. Nifty would see strong support at 15660-15615-15540-15454 whereas strong resistance would be seen at 15815-15885-15945-15970 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15722) The support for the Nifty is 15660-15615-15540-15454 and the resistance to the up move is at 15815-15885-15945-15970 levels.

NSE BankNifty: (34772) The support for BankNifty is 34660-34606-34515-34440 and the resistance to the up move is 34880-34952-35075-35240 levels.

BSE Sensex: (52483) The support for the Sensex is 52365-52240-52035-51880 and the resistance to the up move is at 52660-52740-52815-52888-52945 levels.

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