Go Short at Every Positive Rally Until Nifty Breaches 7500 Levels
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with negative bias. EquityPandit predicted that Market may see positive movement but overall market is still negative and traders should go short at every positive movement in the market. EquityPandit also predicted that EquityPandit’s target for Nifty of 7367 would soon be achieved and exaclty same happened. Indian Stock Market saw positive movement but was not able to sustain higher levels and fell down sharply achieving EquityPandit’s target of 7367 for Nifty. BankNifty also saw lows right near EquityPandit’s predicted support levels of 14950. Traders, who followed EquityPandit’s advice to go short might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Some temporary bounceback would be seen in the market but Indian Stock Market would see further downfall in days to come and next target for Nifty would be 7312 levels. Today, Reliance Industries would disclose its results and this would affect Indian Stock Market direction. Now Nifty would see strong resistance at 7500 levels. So, Nifty needs to breach levels of 7500 to see some strength. 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. The last support for Nifty is at 7200-7100, so probably, we may see bottom at those levels from where a strong reversal is expected. FIIs were net seller of Rs.1203.84 crores whereas DIIs were net buyers of 1122.80 crores in last trading session. Nifty would see strong support at 7302-7224-7200-7100 whereas strong resistance would be seen at 7438-7480-7500-7567 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: BASF India, HCL Technologies, Reliance Industries, Reliance Power and Triveni Turbine.
NSE Nifty: (7351) The support for the Nifty is 7302-7224-7200-7100 and the resistance to the up move is at 7438-7480-7500-7567 levels.
NSE BankNifty: (15021) The support for BankNifty is at 14950-14825-14700 and the resistance to the up move is at 15110-15240-15380-15520 levels.
BSE Sensex: (24188) The support for the Sensex is at 24156-24080-23950-23840 and the resistance to the up move is at 24460-24580-24660-24786 levels.
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