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Nifty Still In Negative Zone, Initiate Fresh Short If BankNifty Closes Below 37480

Last Trading Session: Indian Stock Market opened flat with negative bias exactly as predicted by EquityPandit. EquityPandit predicted that the market will consolidate and traders can initiate short positions if BankNifty manages to close below 37480 levels. EquityPandit also predicted that Nifty is already in the negative zone and traders can wait for either of the levels to get breached to trade in the market. Nifty saw lows right near EquityPandit’s predicted support levels of 17642 but finally, closed gap negative for the day.

Today: Indian Stock Market will open negative. Technically, the analysis will remain the same. Nifty is still in the negative zone whereas BankNifty is still in the positive zone. BankNifty will enter the negative zone once it closes below 37480 levels. Nifty will continue to remain in the negative zone until it closes above 17950 levels. Traders can go short at every rally in the market with proper hedging. Once BankNifty manages to close below 37480, then traders can go full short in the market.  For excellent profits in Intraday, traders can follow Breakout and Breakdown signals at Unicorn Signals.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1145.24 crores whereas DIIs were net buyers of 486.51 crores in the cash market for the last trading session. Nifty will see strong support at 17540-17450-17365 whereas strong resistance would be seen at 17752-17825-17880-17985 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17675) The support for the Nifty is 17540-17450-17365 and the resistance to the up move is at 17752-17825-17880-17985 levels.

NSE BankNifty: (37614) The support for Bank Nifty is 37500-37365-37240-37110-36940 and the resistance to the up move is 37870-37952-38075-38160 levels.

BSE Sensex: (58965) The support for the Sensex is 58815-58700-58610-58365 and the resistance to the up move is 59110-59245-59440-59660-59807 levels.

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