Market To See Further Downfall, Hold Short Positions
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that 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 and exactly same happened. Indian Stock Market moved sharply positive but saw strong resistance right at EquityPandit’s predicted resistance levels of 7900 for Nifty. Finally, Market fell down sharply from there and saw a breakdown. BankNifty also closed right above EquityPandit’s predicted support levels of 16377. BankNifty achieved EquityPandit’s target of 16380 levels. Finally, Indian Stock Market closed gap negative for the day. Traders, who followed EquityPandit’s advice might have earned whopping profits for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is already in negative zone. Traders should continue to hold short positions as of now. Some temporary reaction would come but it would again be an opportunity to go short. Traders can short near EquityPandit’s predicted resistance levels. EquityPandit’s target of 7720 for Nifty would soon achieve. FIIs were net sellers of Rs.755.28 crores whereas DIIs were net buyers of Rs.484.64 crores in cash market for last trading session. Nifty would see strong support at 7715-7685-7650-7600 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: Adani Enterprises, DHFL, Hexaware Technologies, Jindal Steel and Power, Orient Cement, SKS Microfinance and V-Guard Industries.
NSE Nifty: (7747) The support for the Nifty is 7715-7685-7650-7600 and the resistance to the up move is at 7795-7830-7865-7900 levels.
NSE BankNifty: (16389) The support for BankNifty is at 16260-16188-16011 and the resistance to the up move is at 16475-16640-16780-16940 levels.
BSE Sensex: (25230) The support for the Sensex is at 25180-25110-25012-24950 and the resistance to the up move is at 25572-25660-25790-25885 levels.
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