Initiate Short If Market Closes Below 15681 For Nifty And 34820 For BankNifty

Last Trading Session: Indian Stock Market opened flat with positive bias exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would be considered bullish until Nifty above 15681 and BankNifty above 34820. EquityPandit also predicted that traders can go long at dips until the market holds above these levels and the same happened. Indian Stock Market saw sharp profit booking but recovered from day lows. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market will open positive. Technically, Indian Stock Market is still in a positive zone. Market will enter into the negative zone only if it closes below 15681 for Nifty and 34820 for Bank Nifty. Traders can initiate fresh short positions if the market manages to close below these levels but until then traders can go short at dips.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.116.63 crores whereas DIIs were net buyers of Rs.1810.05 crores in the cash market for the last trading session. Nifty would see strong support at 15770-15708-15660-15615 whereas strong resistance would be seen at 15885-15945-15970-16035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (15748) The support for the Nifty is 15708-15660-15615-15540 and the resistance to the up move is at 15815-15885-15945-15970 levels.

NSE BankNifty: (35010) The support for BankNifty is 34865-34770-34715-30606 and the resistance to the up move is 35240-34380-34440-35508-35660 levels.

BSE Sensex: (52550) The support for the Sensex is 52365-52240-52035-51880 and the resistance to the up move is at 52660-52740-52815-52888-52945 levels.

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