BankNifty Entered into Negative Zone and Nifty To Follow, Initiate Short Positions

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit predicted that Indian Stock Market would enter into negative zone once Nifty closes below 9109 levels and BankNifty closes below 21029 levels. EquityPandit also predicted that Nifty would see resistance at 9150 whereas support would be seen at 9120 levels and exactly same happened. Indian Stock Market opened positive and saw highs right at EquityPandit’s predicted resistance levels of 9150 for Nifty, like a dot. Market moved sharply negative on the account of profit booking. Finally, Indian Stock Market closed negative for the day. Indian Stock Market closed right at Equitypandit’s predicted support levels of 9120 for Nifty and 29480 for Sensex, like a dot.

Today: Indian Stock Market would open gap negative. Technically, BankNifty has entered into negative zone but Nifty is still in positive zone. Today, Nifty would also enter into negative zone. Market is expected to see sharp downfall and looks like it would fill up the gap that was generated on March 14, 2017, before resuming further positive rally. Now, every positive rally would be doubtful until BankNifty outperforms. Traders are suggested to initiate fresh short positions at every positive rally in the market until BankNifty closes above 21270 levels.

FIIs were net buyers of Rs.1662.72 crores whereas DIIs were net sellers of Rs.798.57 crores in cash market for last trading session. Nifty would see strong support at 9120-9097-9060-9020 whereas strong resistance would be seen at 9125-9150-9180-9200 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: (9122) The support for the Nifty is 9085-9060-9020-8997 and the resistance to the up move is at 9125-9150-9180-9200 levels.

NSE BankNifty: (21019) The support for BankNifty is at 20900-20876-20740-20660 and the resistance to the up move is at 21275-21380-21500-21720 levels.

BSE Sensex: (29485) The support for the Sensex is at 29350-29240-29110-29000 and the resistance to the up move is at 29585-29700-29880 levels.

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