BankNifty Entered Negative Zone. Sharp Downfall Would Be Seen, If Nifty Closes below 7081

Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit already predicted since last couple of days that market may see some positive reaction but overall market sentiment is bearish and market would not sustain at higher levels and exactly same happened. Indian Stock Market fell down sharply from day highs. Sensex saw highs right near EquityPandit’s predicted resistance levels of 23862 and fell down sharply from there. Nifty also saw highs exactly at EquityPandit’s predicted resistance levels of 7240 like a dot. Market fell down sharply and BankNifty saw lows right near EquityPandit’s predicted support levels of 13969. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market to open flat for the day. Technically, BankNifty has entered into negative zone and Nifty would enter into negative zone as soon as it closes below 7081 levels. Traders can go short into BankNifty for now and could take short positions home once Nifty closes below 7081 levels. Overall, Market would continue to remain bearish in mid term. FIIs were net sellers of Rs.289.66 crores whereas DIIs were net buyers of Rs.257.93 crores in last trading session. Nifty would see strong support at 7080-7008-6995-6868 whereas strong resistance would be seen at 7145-7186-7228-7240 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

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NSE Nifty: (7110) The support for the Nifty is 7080-7008-6995-6868 and the resistance to the up move is at 7145-7186-7228-7240 levels.

NSE BankNifty: (14008) The support for BankNifty is at 13969-13800-13660 and the resistance to the up move is at 14120-14200-14400-14504 levels.

BSE Sensex: (23410) The support for the Sensex is at 23312-23197-23164-22909 and the resistance to the up move is at 23450-23510-23600-23862 levels.

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