Market Would Continue To See New Lows, Hold Short Positions
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that Indian Stock Market would see 52 weeks low and traders should continue to hold short positions for now and exactly same happened. Indian Stock Market, including Nifty, BankNifty and Sensex moved sharply negative and all of them saw 52 weeks lows as predicted by EquityPandit. Traders, who followed EquityPandit’s advice to hold short positions might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market to open gap negative for the day. Technically, Indian Stock Market is still in negative zone and the trade is to hold short positions for now. Some Positive reaction can be seen in the market but Every positive movement would just be a temporary short covering rally and it would be an opportunity for traders to again go short in the market. Last support for Nifty is 7114 levels, which if broken, then a further sharp breakdown would be seen in the market. Today, If BankNifty managed to close below 14600 levels again then we would see further breakdown in BankNifty that may take it to around 13900 or even lower levels in days to come. Overall, Indian Stock Market is negative and it would continue to see further downfall in cyclic manner.Few Large Cap Giant Like SBI, Hero Motocorp, BHEL, Tata Motors, Coal India and ONGC would disclose their Q3 Results today and hence it would decide Indian Stock Market direction for today. FIIs were net sellers of Rs.751.33 crores whereas DIIs were net buyers of Rs.196.92 crores in last trading session. Nifty would see strong support at 7150-7114-7000 whereas strong resistance would be seen at 7270-7324-7388 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: Amtek Auto, Ashok Leyland, Bank Of India, BEML, BHEL, Chennai Petro, City Union Bank, Coal India, Hero Motocorp, ICRA, IL&FS Transportation, Indian Bank, Indraprastha Gas ltd, JP Power, J&K Bank, Jubiliant Foodworks, Natco Pharma, National Aluminium Company, NCC, Novartis India, ONGC, Oriental Bank Of Commerce, Page Industries, SREI Infra, SBI, Tata Motors, Tata Motors DVR, Union Bank Of India, Unitech, United Bank Of India, Voltas and Wockhardt.
NSE Nifty: (7216) The support for the Nifty is 7150-7114-7000 and the resistance to the up move is at 7270-7324-7388 levels.
NSE BankNifty: (14588) The support for BankNifty is at 14500-14406-14336-14200 and the resistance to the up move is at 14700-14825-14990-15200 levels.
BSE Sensex: (23759) The support for the Sensex is at 23600-23540-23416-23350 and the resistance to the up move is at 23840-23950-24112-24290 levels.
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