Initiate Shorts Only If Nifty Closes Below 8478, Until Then Hold Long Positions
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit predicted that some correction can be seen but traders should hold long positions until Nifty holds 8500 levels by closing. EquityPandit predicted that 8496 would act as strong support for Nifty and exactly same happened. Indian Stock Market opened flat and saw highs right near EquityPandit’s predicted resistance levels of 8580 for Nifty and 28018 for Sensex like a dot. Finally, Market corrected from those levels as EquityPandit predicted that market may see correction from EquityPandit’s predicted resistance levels. Market saw lows right at EquityPandit’s predicted support levels of 8496 for Nifty like a dot. Traders, who followed EquityPandit’s advice might have earned whopping profits for the day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Now, 8478 would act as reversal levels for Nifty, closing below which Nifty would enter into negative zone. Traders can go long with closing stoploss of 8478 levels as overall market is in positive mode as of now. Once Nifty closes below 8478 levels, traders can close all long positions and initiate fresh short positions as market would see sharp correction in that case. Now discussion of GST in Parliament would be next trigger for the Indian Markets.
FIIs were net buyers of Rs.599.09 crores whereas DIIs were net sellers of Rs.439.09 crores in cash market for last trading session. Nifty would see strong support at 8496-8470-8445-8400 whereas strong resistance would be seen at 8550-8580-8605-8635-8659 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 Q1 Results To Be Disclosed Today: CRISIL Ltd., Ultratech Cement and Wipro.
NSE Nifty: (8509) The support for the Nifty is 8496-8470-8445-8400 and the resistance to the up move is at 8550-8580-8605-8635-8659 levels.
NSE BankNifty: (18923) The support for BankNifty is at 18880-18734-18610-18533 and the resistance to the up move is at 19008-19160-19376-19440 levels.
BSE Sensex: (27747) The support for the Sensex is at 27635-27540-27380 and the resistance to the up move is at 27850-28018-28071-28218 levels.
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