Market Still In Negative Zone, Continue To Hold Short Positions Until Nifty Below 17698

Last Trading Session: Indian Stock Market opened gap positive exactly as predicted by EquityPandit. EquityPandit predicted that the market would see a sharp short covering rally but traders can go short at every positive rally until Nifty holds below 17698 by closing and exactly the same happened. The Indian Stock Market moved sharply positive but was not able to sustain higher levels as expected. Market saw sharp profit booking from there but managed to close positive for the day.

Today: Indian Stock Market will open gap negative. Technically, the analysis would remain the same. The Indian Stock Market is still in the negative zone. Market will see further profit booking and traders can continue to hold short positions in the market. Market would enter into the positive zone only if it closes above 17698 for Nifty and 37734 levels for BankNifty. Traders should initiate fresh long positions only if the market closes above these levels but until then go short at every positive rally in the market.

Check Now The List Of Stocks To Buy Today

Check Detailed Analysis of Nifty, Bank Nifty and Sensex For Today

Now Analyze Any Stock Yourself Just In a Few Minutes…

A Free but the Most Powerful Tool For Smarter Analysis of any stock. Analyze any stock at: StockFact – Top Stock Research, Screener And Analysis Tool

Nifty:

Bank Nifty:

FIIs were net buyers of Rs.860.50 crores whereas DIIs were net buyers of Rs.228.06 crores in the cash market for the last trading session. Nifty would see strong support at 17615-17505-17440-17365 whereas strong resistance would be seen at 17715-17770-17815-17880 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17691) The support for the Nifty is 17615-17505-17440-17365 and the resistance to the up move is at 17715-17770-17815-17880 levels.

NSE BankNifty: (37580) The support for Bank Nifty is 37365-37240-37110-36940 and the resistance to the up move is 37740-37870-37952 levels.

BSE Sensex: (59299) The support for the Sensex is 59110-58940-58825-58660-58570 and the resistance to the up move is at 59440-59515-59606-59770 levels.

Premium Subscription Pricing details can be seen at Stock Market Premium Services