Market in Negative Trend, Short At Every Positive Rally
Last Trading Session: Exactly as predicted by EquityPandit on Friday that Nifty has entered into negative zone. EquityPandit also predicted that traders should go short at every positive rally in the market and exactly same happened. Indian Stock Market opened negative for the day and went down sharply. Those who took short positions home on EquityPandit’s advice on Friday might have earned huge profits for the day. Nifty saw lows right near EquityPandit’s predicted support levels of 7780 and closed just above EquityPandit’s predicted levels of 7800. BankNifty also saw lows right at EquityPandit’s predicted support levels of 16514 like a dot. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market including Nifty and BankNifty has entered into negative zone. Now some short covering rally (Positive Rally) can’t be ruled out but Every positive movement in the market would be temporary and an opportunity for traders to go short. Next target would be 7720 levels for Nifty and 16380 levels for BankNifty. FIIs were net buyers of Rs.434.93 crores whereas DIIs were net sellers of Rs.109.56 crores in cash market for last trading session. Nifty would see strong support at 7763-7720-7700-7685 whereas strong resistance would be seen at 7830-7865-7900-7925 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: Adani Ports, Adani Power, Alstom T&D, BASF India, Century Textiles, Cera Sanitaryware, Godrej Consumer Products, MRF, Shoppers Stop, Tube Investments and TVS Motor.
NSE Nifty: (7806) The support for the Nifty is 7763-7720-7700-7685 and the resistance to the up move is at 7830-7865-7900-7925 levels.
NSE BankNifty: (16543) The support for BankNifty is at 16475-16377-16260-16188 and the resistance to the up move is at 16640-16780-16940-17000 levels.
BSE Sensex: (25437) The support for the Sensex is at 25256-25012 and the resistance to the up move is at 25572-25660-25790-25885 levels.
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