Market To See Sharp Downfall If Nifty Closes Below 15707, Hold Short Until BankNifty Below 35132

Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would remain range bound and traders should initiate fresh long positions only if BankNifty closes above 35132 and exactly the same happened. Indian Stock Market moved positive and saw highs right at EquityPandit’s predicted resistance levels of 15885 for Nifty like a dot. Market fell down sharply from there and saw lows right near EquityPandit’s predicted support levels of 34715 for BankNifty like a dot. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market will open flat. Technically, BankNifty is still in the negative zone whereas Nifty is in the positive zone. If Nifty manages to close below 15707 then we would see a sharp downfall in the market. Market would be considered strong only if BankNifty manages to close above 35132 but until then market would be considered bearish and traders can continue to hold short positions in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1459.08 crores whereas DIIs were net buyers of Rs.729.96 crores in the cash market for the last trading session. Nifty would see strong support at 15708-15660-15615-15505 whereas strong resistance would be seen at 15808-15885-15945-15970 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15746) The support for the Nifty is 15708-15660-15615-15505 and the resistance to the up move is at 15808-15885-15945-15970 levels.

NSE BankNifty: (34797) The support for Bank Nifty is 34715-34608-34500-34365 and the resistance to the up move is 34950-35085-35240-35380 levels.

BSE Sensex: (52579) The support for the Sensex is 52500-52365-52110-52035 and the resistance to the up move is at 52715-52880-53035-53110 levels.

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