Market Enters Negative Zone, Go Short At Rally Until Nifty Holds Below 15904
Last Trading Session: Indian Stock Market opened gap negative exactly as predicted by EquityPandit. EquityPandit predicted that market would see gap negative opening and traders can initiate fresh short positions if Nifty manages to close below 15801 and exactly the same happened. Indian Stock Market moved sharply negative and saw lows right at EquityPandit’s predicted support levels of 15708 for Nifty like a dot. Finally, Indian Stock Market closed a negative gap for the day.
Today: Indian Stock Market will open flat with negative bias. Technically, Indian Stock Market including Nifty, BankNifty and Sensex have entered into negative zones. Some short covering can be seen after a sharp downfall yesterday but market would now be considered bearish and traders can go short at every positive rally in the market. For now, the market is bearish and one can continue to hold short positions in the market until it holds below 15904 for Nifty and 35590 for BankNifty.
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FIIs were net sellers of Rs.2198.71 crores whereas DIIs were net buyers of Rs.1047.66 crores in the cash market for the last trading session. Nifty would see strong support at 15865-15815-15770-15708 whereas strong resistance would be seen at 15970-16035-16075-16140 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (15752) The support for the Nifty is 15708-15660-15615-15540 and the resistance to the up move is at 15815-15885-15945-15970 levels.
NSE BankNifty: (35079) The support for Bank Nifty is 34865-34770-34715-30606 and the resistance to the up move is 35240-34380-34440-35508-35660 levels.
BSE Sensex: (52553) The support for the Sensex is 52365-52240-52035-51880 and the resistance to the up move is at 52660-52740-52815-52888-52945 levels.
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