Market To See Sharp Downfall, Go Short For Now
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. Indian Stock Market moved sharply negative and saw lows near EquityPandit’s support levels. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market would see a sharp correction for now and we can even see Nifty breaching 8800 levels. For now, Market looks to enter into negative zone, so traders can go short for now. The downfall would be steep but would not last long. So traders should consider booking profits at lower levels. Overall market is positive for mid-term but negative for very short term. Traders can go short as of now and book profits at lower levels whereas investors can consider this downfall as opportunity to go long in pieces. Closing below 8800 would be a worry for Indian Stock Market.
FIIs were net sellers of Rs.315.24 crores whereas DIIs were net sellers of Rs.328.26 crores in cash market for last trading session. Nifty would see strong support at 8800-8765-8750-8720 whereas strong resistance would be seen at 8887-8905-8940-8972 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
Important Q1 Results To Be Disclosed Today: Alok Industries, Bajaj Hindusthan Sugar, National Aluminium company, Omaxe, Reliance Power and Tata Steel Ltd.
NSE Nifty: (8867) The support for the Nifty is 8800-8765-8750-8720 and the resistance to the up move is at 8887-8905-8940-8972 levels.
NSE BankNifty: (20245) The support for BankNifty is at 20110-20060-19950-19787 and the resistance to the up move is at 20340-20542-20609 levels.
BSE Sensex: (28797) The support for the Sensex is at 28716-28650-28420 and the resistance to the up move is at 28825-28950-29070-29264 levels.
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