Initiate Long Only If Nifty Closes Above 18038, Until Then Go Short At Rally

Last Trading Session: Indian Stock Market opened flat with positive bias exactly as predicted by EquityPandit. EquityPandit predicted that the Market was near reversal levels and traders could go short at every positive rally until Nifty held below 18038 and exactly the same happened. Indian Stock Market saw highs of 18012 levels for Nifty but was not able to sustain higher levels and saw sharp downfall from there to close to negative for the day. Traders who followed EquityPandit to go short at rally with stoploss above 18038 might have earned huge profits for the day.

Today: Indian Stock Market will open positive. Technically, analysis would still remain the same. Indian Stock Market is still in the negative zone and would enter into the positive zone once it closes above 18038 for Nifty and 39989 for BankNifty. Market is still hovering near its reversal levels and the best trade for now is to go short at rally with strict stoploss above reversal levels on a closing basis. Once the market closes above these levels, then traders can initiate fresh long positions.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.244.87 crores whereas DIIs were net sellers of Rs.116.01 crores in the cash market for the last trading session. Nifty would see strong support at 17865-17815-17770-17715 whereas strong resistance would be seen at 17960-18005-18075-18140 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17889) The support for the Nifty is 17865-17815-17770-17715 and the resistance to the up move is at 17960-18005-18075-18140 levels.

NSE BankNifty: (39938) The support for Bank Nifty is 39820-39615-39508-39365 and the resistance to the up move is 40035-40200-40380-40515 levels.

BSE Sensex: (60029) The support for the Sensex is 59865-59715-59608-59500-59380 and the resistance to the up move is at 60240-60340-60505-60615 levels.

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