Initiate Short If Nifty Closes Below 17957, Until Then Go Long At Dips

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would consolidate and traders can go long at dips until Nifty holds above 17957. Coincidently, Nifty saw lows right above EquityPandit’s predicted reversal levels like a dot and recovered from there. Finally, the Indian Stock Market closed negative for the day.

Today: Indian Stock Market will open negative. Technically, Nifty is still in the positive zone whereas BankNifty is in the negative zone. Nifty would enter into negative zone only if it closes below 17957 and if that happens then the market would see a sharp downfall. Traders can initiate fresh short positions if Nifty closes below 17957 but until then traders can go long at dips.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.560.67 crores whereas DIIs were net buyers of Rs.577.34 crores in the cash market for the last trading session. Nifty would see strong support at 17952-17865-17815-17770 whereas strong resistance would be seen at 18070-18140-18170-18270 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17999) The support for the Nifty is 17952-17865-17815-17770 and the resistance to the up move is at 18070-18140-18170-18270 levels.

NSE BankNifty: (38307) The support for Bank Nifty is 38240-38110-38025-37945 and the resistance to the up move is 38515-38652-38815-38950 levels.

BSE Sensex: (60322) The support for the Sensex is 60240-60110-59940-59815 and the resistance to the up move is 60508-60660-60770-60888 levels.

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