Short Covering To Be Seen But Go Long Only If Nifty Closes Above 14551

Last Trading Session: Indian Stock Market opened gap negative as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would remain under pressure due to lockdown worries and traders can hold short positions until Nifty holds below 14662 levels. Indian Stock Market opened gap negative  and continued to trade negative for the whole trading session. Finally, Indian Stock Market closed the gap negative for the day.

Today: Indian Stock Market would open flat. Technically, Nifty is still in the negative zone whereas BankNifty is still in the positive zone. BankNifty fell down sharply for the day but managed to close in the positive zone just above our reversal levels of 31143 levels. Though we may see some short covering rally today  but the Market would enter into a positive zone and would be considered bullish only if Nifty closes above 14551 levels and until then the market would be considered bearish. Lockdown worries and Corona spread would keep the market under pressure. BankNifty would again enter into a negative zone if it closes below 31143 levels. For now, traders can wait for Nifty to enter the positive zone before initiating long positions.

Check Detailed Analysis of Nifty, BankNifty and Sensex For Today

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1633.70 crores whereas DIIs were net buyers of Rs.2355.56 crores in the cash market for the last trading session. Nifty would see strong support at 14270-14215-14110-14025 whereas strong resistance would be seen at 14440-14506-14585-14615 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (14359) The support for the Nifty is 14270-14215-14110-14025 and the resistance to the up move is at 14440-14506-14585-14615 levels.

NSE BankNifty: (31208) The support for BankNifty is 30945-30865-30700-30540-30400 and the resistance to the up move is 31380-31540-31660-31815 levels.

BSE Sensex: (47949) The support for the Sensex is 47865-47715-47606-47500 and the resistance to the up move is at 48270-48380-48515-48608 levels.

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