Market Would Continue To See Downfall But Initiate Fresh Short Only If Nifty Closes Below 17052

Last Trading Session: Indian Stock Market opened gap negative for the day as predicted by EquityPandit. EquityPandit predicted that the market would see further profit booking but traders can go long near EquityPandit’s predicted support levels until it holds above 17052 for Nifty and exactly the same happened. Indian Stock Market moved sharply negative but witnessed strong support right at EquityPandit’s predicted support levels of 17075 like a dot and recovered sharply from there. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed negative for the day whereas BankNifty managed to close positive for the day.

Today: Indian Stock Market will open gap negative. Technically, the Indian Stock Market is currently in a positive zone. Analysis would still remain the same. Market would enter into the negative zone once it closes below 17052 for Nifty and 37164 for BankNifty. Market will see further downfall but traders can go long at dips near support levels. Traders can initiate fresh short positions once market closes below 17052 for Nifty and 37164 for BankNifty

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.2261.9 crores whereas DIIs were net buyers of 2392.85 crores in the cash market for the last trading session. Nifty would see strong support at 17140-17075-17025 whereas strong resistance would be seen at 17324-17380-17440-17515 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17207) The support for the Nifty is 17140-17075-17025 and the resistance to the up move is at 17324-17380-17440-17515 levels.

NSE BankNifty: (37686) The support for Bank Nifty is  37508-37365-37240-37110 and the resistance to the up move is 37870-37952-38075-38170 levels.

BSE Sensex: (57683) The support for the Sensex is 57508-57340-57270-57110 and the resistance to the up move is 57885-58035-58240-58385 levels.

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