Market To See Some Short Covering But Go Short At Every Positive Rally


Last Trading Session: Indian Stock Market opened negative for the day as predicted. EquityPandit predicted that has entered the negative zone, traders can add more short positions once BankNifty closes below 36320. Indian Stock Market moved sharply negative for the day and traders, who followed EquityPandit’s advice, might have earned huge profits for the day. Sensex and Nifty closed right above EquityPandit’s predicted support levels of 50880 and 15977 respectively.

Market Today: Indian Stock Market would open flat with positive bias. Technically, Nifty was already in the negative zone and now BankNifty has also entered into a negative zone. The market has seen a sharp downfall in the last trading session and some short covering can’t be ruled out as a reaction to this sharp downfall but traders should go short at every positive rally near EquityPandit’s predicted resistance levels. The market would enter into a positive zone only if it closes above 15198 for Nifty and 36938 levels for BankNifty and until then every positive rally would be an opportunity to go short in the market. Traders and Investors can analyze any stock themselves just in a few minutes at, a free but most powerful analysis tool by EquityPandit.



BankNifty Prediction - EquityPandit

FIIs were net buyers of Rs.118.75 crores whereas DIIs were net sellers of Rs.1174.98 crores in the cash market for the last trading session. Nifty would see strong support at 14880-14818-14770-14707 whereas strong resistance would be seen at 15035-15070-15140-15170 levels. EquityPandit’s support and resistance levels always meet the accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (14982) The support for the Nifty is 14880-14818-14770-14707 and the resistance to the up move is at 15035-15070-15140-15170.

NSE BankNifty: (35842) The support for BankNifty is 35615-35505-35365-35100 and the resistance to the up move is 36075-36174-36324-36477.

: (50890) The support for the Sensex today is 50705-50625-50556-50505 and the resistance to the up move is at 51035-51140-51270-51365-51440 levels.

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