Hold Short Positions Until Nifty Closes Above 7800 Levels.
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPadnit predicted that market is still in negative zone but now near a bottoming out process, from where Nifty may see sharp recovery. EquityPandit also predicted that traders should go short at Positive rally and exactly same happened. Indian Stock Market opend flat with positive bias and fell down sharply to see lows around 7700 levels. Market recovered from there and made high of 7777 levels for Nifty. Market remained rangebound for the whole day with high volatility. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in negative zone. Analysis would still remain same. The downtrend looks to be capped around 7600-7500 levels. Now market is looking for direction. If market rebounds from here and closes above 7800 then we would consider that market has already bottomed out. Breaching levels of 8000 for Nifty and 17100 for BankNifty would confirm an Inverse Head and Shoulder Pattern (Bullish Pattern), which would force market to see a sharp breakout. Until then, we would consider market to be negative and 7600-7500 would be considered as very strong support for Nity. FIIs were net sellers of Rs.388.51 crores whereas DIIs were net buyers of Rs.251.79 crores in cash market for last trading session. Nifty would see strong support at 7705-7685-7650-7615-7600 whereas strong resistance would be seen at 7795-7830-7865-7900 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: Aarti Industries, Birla Corp, Claris Lifesciences, Eveready Industries, Geometric, Greaves Cotton, Inox wind, KEC International, NIIT Technologies, Pfizer, Rain Industries, Reliance Capital, Siemens, SPARC, Titan, Wockhardt.
NSE Nifty: (7736) The support for the Nifty is 7705-7685-7650-7615-7600 and the resistance to the up move is at 7795-7830-7865-7900 levels.
NSE BankNifty: (16281) The support for BankNifty is at 16188-16011-15933-15840 and the resistance to the up move is at 16380-16475-16640-16780 levels.
BSE Sensex: (25262) The support for the Sensex is at 25110-25012-24950-24835 and the resistance to the up move is at 25380-25572-25660 levels.
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