Further Short Covering To Be Seen, Initiate Fresh Long If Nifty Closes Above 16880

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Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted that the market is bearish but over-stretched and we would see a sharp short covering rally. EquityPandit also predicted that the Market will see a V-shaped sharp recovery and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 16940 for Nifty like a dot. Finally, Indian Stock Market closed gap positive for the day. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 16770 for Nifty like a dot.

Today: Indian Stock Market will open positive. Technically, the Indian Stock Market is still in the negative zone. Market would enter into the positive zone once it closes above 16880 levels for Nifty. Some further short covering can’t be ruled out but traders can go short at rally until Nifty holds below 16880. Traders can initiate fresh long positions only if the market closes above 16880.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1209.82 crores whereas DIIs were net buyers of Rs.1404.89 crores in the cash market for the last trading session. Nifty would see strong support at 16660-16615-16508-16440-16365 whereas strong resistance would be seen at 16880-16940-17035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (16771) The support for the Nifty is 16660-16615-16508-16440-16365 and the resistance to the up move is at 16880-16940-17035 levels.

NSE BankNifty: (34608) The support for Bank Nifty is 34380-34240-34110-34025-33865 and the resistance to the up move is 34740-34888-35085-35170 levels.

BSE Sensex: (56319) The support for the Sensex is 56110-55940-55808-55650 and the resistance to the up move is 56540-56675-56815-56940 levels.

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