Some Temporary Positive Movement would be seen but Market still Negative
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit predicted that market would consolidate in a rangebound region but overall market is in negative zone. EquityPandit also predicted that traders should continue to hold short positions until Nifty breaches 7620 levels and exactly same happened. Indian Stock Market consolidated for some time but was not able to breach levels of 7620 for Nifty and fell down sharply. Traders, who followed EquityPandit’s advice to hold short positions might have earned huge profits for the day. BankNifty closed just above EquityPandit’s predicted support levels of 15200. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in negative zone. Now Market would see further downfall as next support exists only at 7367 and 7200 levels for Nifty. Nifty would achieve EquityPandit’s given targets of 7367 in upcoming days. Overall, there is no signs of reversal as of now but some temporary positive movement can come at lower levels. Traders should hold short positions as of now and investors can start accumulating stocks in small-small quantity at this point of time as currently stocks are available at huge discounts. FIIs were net seller of Rs.1123.79 crores whereas DIIs were net buyers of 688.94 crores in last trading session. Nifty would see strong support at 7367-7302-7224-7200 whereas strong resistance would be seen at 7480-7500-7567-7606 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Results to be disclosed today: Asian Paints, Delta Corp, Kotak Mahindra Bank, Mindtree, Rallis India, TTK Prestige and Wipro.
NSE Nifty: (7438) The support for the Nifty is 7367-7302-7224-7200 and the resistance to the up move is at 7480-7500-7567-7606 levels.
NSE BankNifty: (15206) The support for BankNifty is at 15130-14950-14825-14700 and the resistance to the up move is at 15380-15520-15600-15650 levels.
BSE Sensex: (24455) The support for the Sensex is at 24380-24206-24156-24080 and the resistance to the up move is at 24580-24660-24786-24880 levels.
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