Market Will Enter Into Positive Zone Only If Nifty Closes Above 14789, Until The Go Short At Rally
Last Trading Session: Indian Stock Market opened gap negative as predicted. EquityPandit predicted that Indian Stock Market would see further downfall and traders can continue to hold short positions for now and exactly the same happened. Indian Stock Market fell down sharply but finally recovered and managed to close flat for the day.
Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in a negative zone. Market will enter into a positive zone once it closes above 14789 for Nifty and 33167 for Bank Nifty. Traders can initiate fresh long positions only if the market closes above these levels but until then every positive movement would be an opportunity to go short in the market.
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FIIs were net sellers of Rs.2289.46 crores whereas DIIs were net buyers of Rs.552.92 crores in the cash market for the last trading session. Nifty would see strong support at 14601-14540-14470-14365 whereas strong resistance would be seen at 14715-14770-14818-14880 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (14634) The support for the Nifty is 14601-14540-14470-14365 and the resistance to the up move is at 14715-14770-14818-14880 levels.
NSE BankNifty: (32466) The support for BankNifty is 32365-32270-32110-31865 and the resistance to the up move is 32715-32888-33075-33240 levels.
BSE Sensex: (48719) The support for the Sensex is 48506-48440-48365-48240 and the resistance to the up move is at 48888-49075-49170-49315-49380 levels.
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