Market In Negative Trend, Go Short At Every Positive Rally Until BankNifty Holds 19500
Last Trading Session: Indian Stock Market Opened flat for the day. EquityPandit predicted that market has entered negative zone and if BankNifty breaches levels of 19211 then traders can go short in BankNifty and exactly same happened. Indian Stock Market moved positive and saw highs right at EquityPandit’s predicted resistance levels of 8620 levels for Nifty like a dot. Market was not able to sustain higher levels and fell down sharply. BankNifty breached levels of 19211 and fell down sharply from there. Nifty also saw strong support at EquityPandit’s predicted support levels of 8550 levels. Sensex also saw strong support at EquityPandit’s predicted support levels of 27700. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open negative. Now Technically, Indian Stock Market is in negative trend and traders should go short at every positive rally in the market. Traders can hold short positions in market for now and can take short positions home confidently, if BankNifty closes below 19166 levels. BankNifty has consolidated earlier in the range of 19000-19100, so it would consolidate again in that range. Once this range is breached on negative side, BankNifty may see downfall upto 18500-18600 levels easily. Traders can hold short positions with Strict stoploss of 8702 levels for Nifty and 19500 levels for BankNifty.
FIIs were net buyers of Rs.341.35 crores whereas DIIs were net sellers of Rs.266.43 crores in cash market for last trading session. Nifty would see strong support at 8550-8530-8496-8470 whereas strong resistance would be seen at 8620-8636-8665-8707 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: Ashoka Buildcon, DLF, eClerx Services, GMDC, Indian Oil Corporation and MOIL.
NSE Nifty: (8573) The support for the Nifty is 8550-8530-8496-8470 and the resistance to the up move is at 8620-8636-8665-8707 levels.
NSE BankNifty: (19196) The support for BankNifty is at 19166-19080-18950-18825 and the resistance to the up move is at 19350-19435-19490-19660 levels.
BSE Sensex: (27782) The support for the Sensex is at 27635-27540-27380 and the resistance to the up move is at 27950-28018-28071-28218 levels.
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