Initiate Short Positions If 7780 Breaches for Nifty, Till Then Hold Long
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that sharp correction would be seen in the market but traders should hold long positions or go long at dips until Nifty holds 7780 levels and exactly same happened. Market saw a sharp correction and fell down sharply. Nifty saw lows right near EquityPandit’s predicted support levels of 7780 like a dot and rebounded from there. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day. Nifty closed right at EquityPandit’s predicted support levels of 7815 like a dot.
Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in positive zone. Till now, Market is holding 7780 levels for Nifty by closing but once it closes below those levels, Nifty would enter into negative zone and we could see sharp downfall upto 7715-7550 levels. Reversal levels of BankNifty would remain at 16500 levels. If Market is able to hold those levels and rebound then we would see some resistance near 7926-7980 levels. So, now traders should wait and see any of these levels to breach or sustain for further trading decisions. The trade is to buy at supports and sell at resistance levels with small stoplosses. FIIs were net buyers of Rs.1493.88 crores whereas DIIs were net buyers of Rs.667.03 crores in cash market for last trading session. Nifty would see strong support at 7780-7730-7715-7675 whereas strong resistance would be seen at 7843-7881-7926-7980 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: BF Utilities, Gujarat Fluorochemicals, JK Tyre, NBCC, Petronet LNG, Piramal enterprises, Strides Shasun and Tata Coffee.
NSE Nifty: (7815) The support for the Nifty is 7780-7730-7715-7675 and the resistance to the up move is at 7843-7881-7926-7980 levels.
NSE BankNifty: (16717) The support for BankNifty is at 16605-16518-16380-16190 and the resistance to the up move is at 16890-16950-17100-17160 levels.
BSE Sensex: (25490) The support for the Sensex is at 25445-25228-25162-25060 and the resistance to the up move is at 25540-25620-25688-25885 levels.
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