BankNifty Gap Covered, Some Short Covering Rally Would Be Seen Today

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that BankNifty has entered into negative zone and Nifty would follow. EquityPandit also suggested traders to go short until as Nifty and BankNifty would fill up the gap that was generated on March 14, 2017 before resuming further positive rally and exactly same happened. Indian Stock Market fell down sharply and saw lows right at EquityPandit’s predicted support levels of 9020 like a dot. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market, including Nifty, BankNifty and Sensex is in negative zone. BankNifty as filled up the gap as predicted by EquityPandit. Now, we may see some short covering rally but the trend would still be considered negative until Nifty closes above 9123 levels and BankNifty closes above 21049 levels. Traders can wait for some short covering rally and can again go short at higher levels. Remember that overall market is bullish and this is just a correction that may end once the gap that was created on March 14, 2017 is filled up. Strong selling would be only seen when Nifty closes below 8970 levels. Until then sell on rally and book profits on dips. Range for Nifty is 8970 on the downside and 9123 in the positive direction. Breakout from the range would be seen once market closes above or below any of these levels.

FIIs were net buyers of Rs.356.64 crores whereas DIIs were net sellers of Rs.779.91 crores in cash market for last trading session. Nifty would see strong support at 9020-8997-8970-8945 whereas strong resistance would be seen at 9060-9125-9150-9180 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: (9030) The support for the Nifty is 9020-8997-8970-8945 and the resistance to the up move is at 9060-9125-9150-9180 levels.

NSE BankNifty: (20781) The support for BankNifty is at 20675-20550-20450-20380 and the resistance to the up move is at 20850-20920-21060 levels.

BSE Sensex: (29168) The support for the Sensex is at 29145-29060-29000-28945 and the resistance to the up move is at 29340-29485-29585 levels.

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