Market Forming Bearish Pattern, Go Short At Every Positive Rally
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat. EquityPandit predicted that BankNifty has entered into negative trend and traders should go short at every positive movement in the market and exactly same happened. Indian Stock Market opened flat and moved sharply positive. Market was unable to hold higher levels and fell down sharply. 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. Technically, Nifty is still in positive zone but BankNifty has entered into negative region. Now Nifty is also expected to enter negative zone soon. Today, GST Bill would be discussed in Rajya Sabha. GST Bill news is already priced in and once the news is disclosed, market would move Sharply positive with a jerk but this positive rally would not last long. We expect that market would see deep correction after this positive jerk. Traders can go short in BankNifty at every positive rally. Once Nifty closes below 8578 levels, market would see a sharp breakdown. So first sign of weakness after GST should be sold into.
FIIs were net buyers of Rs.536.27 crores whereas DIIs were net sellers of Rs.383.23 crores in cash market for last trading session. Nifty would see strong support at 8600-8570-8550-8530-8496 whereas strong resistance would be seen at 8670-8707-8741-8775 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: Bata India, Berger Paints, Cadila Healthcare, Dishman Pharma, Emami, Entertainment Network, Gulf Oil Lubricants, HCL Technologies, Kajaria Ceramics, Orient Cement, PC Jeweller, Ramco Systems, Titan and TTK Prestige.
NSE Nifty: (8623) The support for the Nifty is 8600-8570-8550-8530-8496 and the resistance to the up move is at 8707-8741-8775-8800 levels.
NSE BankNifty: (18708) The support for BankNifty is at 18610-18533-18400-18218 and the resistance to the up move is at 18825-19070-19160-19300 levels.
BSE Sensex: (27982) The support for the Sensex is at 27870-27736-27660 and the resistance to the up move is at 28060-28120-28294-28340 levels.
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