Initiate Short Only If BankNifty Closes Below 17906, Until Then Hold Long Positions
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market is in positive zone and real estate companies like HDIL would see positive movement. Indian Stock Market saw sharp downfall and saw lows right at EquityPandit’s predicted support levels of 26450 for Sensex and 17840 levels for BankNifty like a dot. Finally, Indian Stock Market recovered and closed flat for the day.
Today: Indian Stock Market would open positive. Technically, analysis would remain same and Indian Stock Market is still in positive zone. Market would enter into negative zone once Nifty closes below 8084 levels for Nifty and 17906 levels for BankNifty. Traders can initiate fresh short position once market closes below these levels. Market has consolidated for long time and now there are strong possibility of a breakout or breakdown in upcoming days. Once Nifty closes below 8084 levels and BankNifty closes below 17906 levels, then market would see a sharp breakdown. So traders can hold long positions only till Nifty and BankNifty hold these levels by closing.
FIIs were net sellers of Rs.260.64 crores whereas DIIs were net buyers of Rs.20.66 crores in cash market for last trading session. Nifty would see strong support at 8145-8100-8077-8000 whereas strong resistance would be seen at 8200-8230-8265-8280-8310 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
NSE Nifty: (8180) The support for the Nifty is 8145-8100-8077-8000 and the resistance to the up move is at 8200-8230-8265-8280-8310 levels.
NSE BankNifty: (17969) The support for BankNifty is at 17906-17840-17600 and the resistance to the up move is at 18060-18188-18249-18320-18408 levels.
BSE Sensex: (26595) The support for the Sensex is at 26500-26450-26380-26164 and the resistance to the up move is at 26733-26809-26950-27060 levels.
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