Market Still Bearish, Initiate Long Only If Nifty Closes Above 17285

Last Trading Session: Indian Stock Market opened flat for the day. Market saw a sharp positive rally but was not able to hold long positions and fell down sharply to close negative for the day. EquityPandit predicted that traders should hold short positions for now and traders who followed EquityPandit’s advice might have earned huge profits for the day.

Today: Indian Stock Market will open flat. Technically, the Indian Stock Market is still in the negative zone. Market may see some short covering but would enter into the positive zone only if it closes above 17285 for Nifty and 36658 for BankNifty. Traders can continue to hold short positions or go short at every positive rally until the market closes above these reversal levels. Initiate fresh long positions only if the market closes above these levels.

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 sellers of Rs.5445.25 crores whereas DIIs were net buyers of Rs.5350.23 crores in the cash market for the last trading session. Nifty would see strong support at 16925-16865-16815-16740 whereas strong resistance would be seen at 17035-17110-17170-17240 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (16983) The support for the Nifty is 16925-16865-16815-16740 and the resistance to the up move is at 17035-17110-17170-17240 levels.

NSE BankNifty: (35695) The support for Bank Nifty is 35505-35365-35270-35140 and the resistance to the up move is 35880-35952-36140-36340 levels.

BSE Sensex: (57065) The support for the Sensex is 56940-56815-56708-56660 and the resistance to the up move is 57270-57380-57515-57660 levels.