Initiate Short Only If Nifty closes Below 15744, Until Then Hold Long Positions

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that traders should go long at dips until market holds above 15744 for Nifty and 35058 for BankNifty and exactly the same happened. Indian Stock Market saw some profit booking but saw strong lows right near EquityPandit’s predicted support levels of 52740 for Sensex and 35440 for BankNifty. Market recovered sharply from there and saw highs right at EquityPandit’s predicted resistance levels of 15885 for Nifty. Traders who followed EquitYPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day. BankNifty closed right at EquityPandit’s predicted resistance levels of 35770 like a dot.

Today: Indian Stock Market will open negative. Technically, Indian Stock Market is still in a positive zone. Market will be considered positive until it holds above 15744 for Nifty and 35058 for BankNifty. Traders can initiate short positions only if the market closes below these reversal levels but until then traders can continue to hold long positions in the market.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.532.94 crores whereas DIIs were net sellers of Rs.231.8 crores in the cash market for the last trading session. Nifty would see strong support at 15808-15715-15660-15615 whereas strong resistance would be seen at 15945-16035-16080-16140 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15880) The support for the Nifty is 15808-15715-15660-15615 and the resistance to the up move is at 15945-16035-16080-16140 levels.

NSE BankNifty: (35771) The support for BankNifty is 35660-35615-35440-35365-35240 and the resistance to the up move is 35888-35952-36110-36270 levels.

BSE Sensex: (53055) The support for the Sensex is 52945-52880-52740-52615-52508 and the resistance to the up move is at 53170-53240-53365-53505 levels.

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