Initiate Short If Market Closes Below 12035 For Nifty And 31714 For BankNifty
Last Trading Session: Indian Stock Market opened positive for the day. Equitypandit predicted that market would see some profit booking but traders should initiate fresh short positions only if it closes below 12035 for Nifty and exactly same happened. Indian Stock Market moved sharply positive while opening but saw strong resistance near EquityPandit’s predicted resistance levels of 12150 for Nifty and 32035 for BankNifty. Market fell down sharply from there on the account of profit booking and finally, Indian Stock Market closed flat for the day. BankNifty closed right above EquityPandit’s predicted support levels of 31870 like a dot.
Today: Indian Stock Market would open flat with negative bias. Technically, analysis would still remain same and Indian Stock Market is still in positive zone. Market would enter into negative zone once it closes below 12035 for Nifty and 31714 for Banknifty. Market would see further profit booking and if it manages to close below above given reversal levels then traders should close all long positions and initiate fresh short positions. Traders should wait for confirmation before taking any further trades.
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FIIs were net sellers of Rs.1731.33 crores whereas DIIs were net buyers of Rs.753.99 crores in cash market for last trading session. Nifty would see strong support at 12035-12000-11940-11905 whereas strong resistance would be seen at 12105-12150-12188 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (12048) The support for the Nifty is 12035-12000-11940-11905 and the resistance to the up move is at 12105-12150-12188 levels.
NSE BankNifty: (31871) The support for BankNifty is 31730-31600-31500 and the resistance to the up move is 31960-32035-32110-32240 levels.
BSE Sensex: (40802) The support for the Sensex is 40715-40660-40600-40540 and the resistance to the up move is at 40880-40995-41035-41110 levels.
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