Market To Trade With High Volatility In Rangebound Region, Initiate Short Only If Nifty Closes Below 17700

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see profit booking but traders should initiate short positions only if market closes below 17700 levels and exactly the same happened. Indian Stock Market moved sharply negative but saw lows right at EquityPandit’s predicted support levels of 17608 for Nifty like a dot. Indian Stock Market recovered sharply and managed to close just above EquityPandit’s predicted reversal levels of 17700 for Nifty. Finally, the Indian Stock Market closed negative for the day. BankNifty also closed just above EquityPandit’s predicted levels of 37740 like a dot.

Today: Indian Stock Market will open negative. Technically, analysis would remain the same. Indian Stock Market is still in the positive zone and would enter into the negative zone once it closes below 17700 levels for Nifty and 37508 levels for BankNifty. Market would remain highly volatile in a rangebound region. Traders should initiate fresh short positions if the market closes below these levels but until then traders can go long at dips and book profits at higher levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1446.02 crores whereas DIIs were net buyers of Rs.3262.16 crores in the cash market for the last trading session. Nifty would see strong support at 17660-17608-17540-15505 whereas strong resistance would be seen at 17770-17815-17880-17940 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17711) The support for the Nifty is 17660-17608-17540-17505 and the resistance to the up move is at 17770-17815-17880-17940 levels.

NSE BankNifty: (37743) The support for Bank Nifty is 37615-37505-37365-37270 and the resistance to the up move is 37870-37952-38110-38270 levels.

BSE Sensex: (59413) The support for the Sensex is 59225-59035-58940-58865 and the resistance to the up move is at 59606-59770-59888-60035 levels.

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