Initiate Short Positions If Nifty Closes Below 15597, Until Then Hold Long

Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market will remain rangebound.Market opened marginally positive and moved down sharply and saw lows right at EquityPandit’s predicted support levels of 15565 like a dot for Nifty. Finally, Indian Stock Market closed gap negative for the day. Sensex closed right near EquityPandit’s predicted support levels of 51945.

Today: Indian Stock Market will open positive. Technically, BankNifty has entered into the negative zone whereas the Nifty is still in the positive zone. Traders can go short in the market if Nifty closes below 15597 levels. BankNifty would enter into the positive zone again if it closes above 35512. Traders can hold long positions until Nifty holds above 15597 on a closing basis. Fresh short positions can be initiated below these levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.846.37 crores whereas DIIs were net sellers of Rs.271.70 crores in the cash market for the last trading session. Nifty would see strong support at 15608-15565-15508-15440 whereas strong resistance would be seen at 15715-15770-15808-15885 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15635) The support for the Nifty is 15608-15565-15508-15440 and the resistance to the up move is at 15715-15770-15808-15885 levels.

NSE BankNifty: (34801) The support for BankNifty is 34700-34608-34500-34365 and the resistance to the up move is 34952-35075-35270-35380 levels.

BSE Sensex: (51942) The support for the Sensex is 51800-51707-51615-51500 and the resistance to the up move is at 52110-52240-52380-52500 levels.

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