Market Still Weak As Ukraine Crisis Continues, Continue Short Positions Till Nifty Below 16831

Last Trading Session: Indian Stock Market opened gap negative for the day. EquityPandit predicted that market to trade in a range and same happened. Indian Stock Market moved sharply negative and saw lows right near EquityPandit’s predicted support levels of 16365 for Nifty. Finally, the Indian Stock Market recovered sharply and managed to close the gap positive for the day.

Today: Indian Stock Market will open negative. Technically, the Indian Stock Market is still in the negative zone. Market would enter into the positive zone only if it closes above 16831 for Nifty and 36919 for BankNifty. Market will see further downfall and traders can go long in the market only if the market closes above the reversal levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.3948.47 crores whereas DIIs were net buyers of 4142.82 crores in the cash market for the last trading session. Nifty would see strong support at 16616-16508-16440-16365 whereas strong resistance would be seen at 16880-16940-17035-17080 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (16794) The support for the Nifty is 16616-16508-16440-16365 and the resistance to the up move is at 16880-16940-17035-17080 levels.

NSE BankNifty: (36205) The support for Bank Nifty is 36110-35950-35865-35615 and the resistance to the up move is 36440-36615-36770-36940-37075 levels.

BSE Sensex: (56247) The support for the Sensex is 56025-55865-55660-55450 and the resistance to the up move is 56540-56770-56888-57075 levels.

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