Market Would See Further Downfall Today, Hold Short Positions As Of Now
Last Trading Session: As predicted by EquityPandit, Indian Stock Market opened negative for the day. Market moved sharply positive but as EquityPandit predicted that If Nifty doesn’t closes above 7505 levels and BankNifty doesn’t closes above 15200 levels then traders should continue to hold short positions and exactly same happened. Nifty was not able to hold 7505 levels and fell down sharply. Nifty saw lows right at EquityPandit’s predicted support levels of 7367 like a dot. BankNifty also saw strong resistance at EquityPandit’s predicted resistance levels of 15380 and fell down sharply. Traders who followed EquityPandit’s advice might have earned good profits for the day and would continue to earn more profits today as Market would see further downfall today. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market to open gap negative. Technically, Indian Stock Market is still in negative zone. Nifty was not able to close above 7505 levels yesterday and hence it would see further downfall as of now. Now, if Nifty breaches 7350 levels then it would weaken further and may see new 52 weeks low. Traders should continue to hold short positions as of now. Overall Global Markets are generating bearish pattern and once it is confirmed then we would see sharp breakdown in all global markets including Indian Stock Market. So, trade short with strict stoploss of 7505 levels for Nifty. Few Large Companies would disclose its Q3 Results today and hence it would decide Indian Stock Market direction for today. FIIs were net sellers of Rs.84.56 crores whereas DIIs were net buyers of 279.49 crores in last trading session. Nifty would see strong support at 7330-7302-7224-7200 whereas strong resistance would be seen at 7420-7475-7507-7567 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: Allahabad Bank, Apollo Tyres, Aurobindo Pharma, Bharat Forge, Britannia Industries, Central Bank Of India, CESC, CRISIL, Dena Bank, Dr. Reddy Laboratories, Eros International Media, GAIL, Gujarat Flurochemicals, GMDC, Hindalco, Mangalore Refinery, MOIL, Motherson Sumi, NESCO, Omaxe, PFC, Prestige Estate, Shree Renuka Sugars, Sonata Software, SAIL and Timkien India.
NSE Nifty: (7387) The support for the Nifty is 7330-7302-7224-7200 and the resistance to the up move is at 7420-7475-7507-7567 levels.
NSE BankNifty: (15047) The support for BankNifty is at 14920-14825-14700-14621 and the resistance to the up move is at 15200-15380-15520-15600 levels.
BSE Sensex: (24287) The support for the Sensex is at 24187-24060-23950-23840 and the resistance to the up move is at 24435-24495-24600-24660 levels.
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