Market To See Some Short Covering Now, Yesterday’s Low Should Act As Strong Support

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see some short covering but traders can go short at every rally until Nifty below 18006 levels and exactly the same happened. The Indian Stock Market moved sharply negative after a positive opening. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, the Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open Negative. Technically, the Indian Stock Market is still in the negative zone. Market would enter into the positive zone once it closes above 17763 for Nifty and 38052 for BankNifty. Market should see short covering from here. Although the market is in the negative zone but looks like the bottom was made yesterday and now some consolidation with short covering can’t be ruled out. Intraday traders can take small risks and go long at dips in small quantities but one can take long positions home if market manages to close above EquityPandit’s predicted reversal levels of 17763 for Nifty and 38052 for BankNifty. Yesterday’s low would act as strong support in the market but once those levels are breached, we may see further downfall in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.3438.76 crores whereas DIIs were net buyers of Rs.2051.18 crores in the cash market for the last trading session. Nifty would see strong support at 17325-17285-17240-17170 whereas strong resistance would be seen at 17506-17570-17616-17670 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17417) The support for the Nifty is 17325-17285-17240-17170 and the resistance to the up move is at 17506-17570-17616-17670 levels.

NSE BankNifty: (37129) The support for Bank Nifty is 37025-36865-36715-36608 and the resistance to the up move is 37380-37515-37660-37770 levels.

BSE Sensex: (58466) The support for the Sensex is 58308-58110-58035-57940 and the resistance to the up move is 58540-58660-58740-58880 levels.

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