Initiate Short Only If Nifty Closes Below 14052 But Until Then Hold Long Positions
Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that the market is still bullish until Nifty holds above 14000 levels and traders can go long near support levels. Indian Stock Market opened gap positive and saw profit booking from those levels. Market saw lows right near EquityPandit’s predicted support levels of 48035 for Sensex like a dot. Market recovered sharply from there and finally, managed to close flat for the day. BankNifty saw strength for the day and managed to close positive for the day.
Market Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in the positive zone. The reversal levels for the market to enter into the negative zone are 14052 for Nifty and 31570 for BankNifty. Market would see a sharp downfall once it closes below these levels but until then traders can hold long positions or go long near support levels with closing stoploss below these levels. Once the market closes below these reversal levels then traders can exit all long positions and initiate fresh short positions in that case.
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FIIs were net buyers of Rs.382.30 crores whereas DIIs were net sellers of Rs.989.50 crores in the cash market for the last trading session. Nifty would see strong support at 14096-14069-14035-13945 whereas strong resistance would be seen at 14200-14240-14270-14315 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (14137) The support for the Nifty is 14096-14069-14035-13945 and the resistance to the up move is at 14200-14240-14270-14315.
NSE BankNifty: (31956) The support for BankNifty is 31770-31600-31440-31365-31240 and the resistance to the up move is 32075-32215-32340-32506.
BSE Sensex: (48093) The support for the Sensex today is 48035-47954-47865-47770 and the resistance to the up move is at 48270-48380-48515-48608 levels.
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