Nifty Entered Negative Trend, Short At Every Positive Movement
Last Trading Session: Indian Stock Market opened flat for the day. Complete Asian Market fell down sharply after Bank Of Japan’s monetary policy. EquityPandit suggested traders could hold long positions until Nifty holds 7878 levels. Nifty saw highs just below EquityPandit’s predicted resistance levels of 8000 and fell down sharply. Nifty breached EquityPandit’s suggested reversal levels of 7878 and finally entered into negative zone. Nifty closed just above EquityPandit’s predicted support levels of 7842 levels. Sensex also saw lows just above EquityPandit’s predicted support levels of 25540 levels. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open gap negative. Technically, Nifty has entered into negative zone but BankNifty is still in positive zone. BankNifty would also enter into negative zone once it closes below 16622 levels. If this happens, then a sharp breakdown would be seen in the market. Now Market would be weak and considered as sell on every positive movement until Nifty breaches 8013 levels. Initiate short positions only once BankNifty also enters into negative zone that would give confirmation of the trend. FIIs were net buyers of Rs.120.63 crores whereas DIIs were net sellers of Rs.416.21 crores in cash market for last trading session. Nifty would see strong support at 7815-7800-7780-7750 whereas strong resistance would be seen at 7900-7925-7980-8008 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 Today: Ajanta Pharma, Atul Ltd, Cholamandalam, Force Motor, GIC Housing Finance, ICICI Bank, IDFC, Marico, Oberoi Realty, Sanofi India, Shriram Transport Finance, SBBJ and UPL Ltd.
NSE Nifty: (7847) The support for the Nifty is 7815-7800-7780-7750 and the resistance to the up move is at 7900-7925-7980-8008 levels.
NSE BankNifty: (16717) The support for BankNifty is at 16622-16570-16514-16380 and the resistance to the up move is at 16780-16940-17000-17100 levels.
BSE Sensex: (25603) The support for the Sensex is at 25540-25445-25365-25256 and the resistance to the up move is at 25790-25885-25936-26016 levels.
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