Market To See Some Short Covering But Would Be Considered Bearish Until Bank Nifty Holds Below 35051

Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that traders should initiate long positions only if BankNifty closes above 35132 and market would fall sharply if Nifty closes below 15707. EquityPandit also suggested traders to hold short positions until BankNifty holds below 35132 and exactly the same happened. Indian Stock Market moved marginally positive and fell down sharply from there as predicted. Finally, Indian Stock Market closed a negative gap for the day. Nifty closed right at EquityPandit’s predicted reversal levels of 15707 like a dot.

Today: Indian Stock Market will open flat. Technically, Nifty is still in the positive zone until it holds above 15707 whereas BankNifty is still in the negative zone. Market may see some short covering today but overall market would be considered bearish until BankNifty holds below 35051. Traders can go long only if BankNifty closes above these levels but until then hold short positions and trade cautiously with strict stoplosses. If Nifty manages to close below 15707 then we would see a sharp downfall in the market for the next few days.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2274.77 crores whereas DIIs were net buyers of Rs.921.45 crores in the cash market for the last trading session. Nifty would see strong support at 15708-15660-15615-15505 whereas strong resistance would be seen at 15808-15885-15945-15970 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15709) The support for the Nifty is 15660-15615-15505 and the resistance to the up move is at 15770-15808-15885-15945 levels.

NSE BankNifty: (34533) The support for Bank Nifty is 34365-34240-34110-34025 and the resistance to the up move is 34670-34740-34888-35085 levels.

BSE Sensex: (52444) The support for the Sensex is 52370-52115-52035-51950 and the resistance to the up move is at 52608-52715-52880-53035 levels.

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