Market Near Reversal Levels, Go Short At Rally Until Nifty Holds Below 18038 By Closing

Last Trading Session: Indian Stock Market opened gap positive for the day. The Indian Stock Market saw a sharp rally after a positive opening and finally managed to close the gap positive. Market closed right below EquityPandit’s predicted resistance levels of 39774 for BankNifty and 17940 for Nifty.

Today: Indian Stock Market will open flat with positive bias. Technically, the Indian Stock Market is still in the negative zone. Market would enter into the positive zone once it closes above 18038 for Nifty and 39989 for BankNifty. Market is just near its reversal levels and traders can go short at every positive movement with strict stoploss above EquityPandit’s predicted reversal levels of 18038 for Nifty and 39989 levels for BankNifty. Traders can initiate fresh long positions only if the market closes above EquityPandit’s predicted reversal levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.202.13 crores whereas DIIs were net buyers of Rs.116.01 crores in the cash market for the last trading session. Nifty would see strong support at 17865-17815-17770-17715 whereas strong resistance would be seen at 17960-18005-18075-18140 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17930) The support for the Nifty is 17865-17815-17770-17715 and the resistance to the up move is at 17960-18005-18075-18140 levels.

NSE BankNifty: (39764) The support for Bank Nifty is 39615-39508-39365-39110 and the resistance to the up move is 39870-39950-40035-40200 levels.

BSE Sensex: (60138) The support for the Sensex is 60035-59865-59715-59608-59500-59380 and the resistance to the up move is at 60240-60340-60505-60615 levels.

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