Market To Start New Contracts With Sharp Bounce Back, But Go Short At Every Positive Rally Until Nifty Closes Above 8120
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that market is still in negative zone and would remain rangebound. EquityPandit also predicted that traders should go short at every positive movement until Nifty closes above 8154 levels and exactly same happened. Indian Stock Market opened negative and consolidated there for almost whole day as per EquityPandit’s predictions. Market fell down sharply by the end of the trading session. Traders who followed EquityPandit’s suggestion to go short, might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open gap positive. Indian Stock Market is still in negative zone. Market to start new F&O contracts with a sharp bounce back. US Dollar is continuously moving positive and may soon see a breakout. This is a negative news for Indian Stock Market. So strong reforms or big Interest rate cut by RBI can only create positive sentiments in market. Until then, market would continue to see selling at higher levels. Some short covering would be seen near supports but every positive movement would be an opportunity for traders to go short. Overall, market is negative and traders should short at every positive movement until Nifty closes below 8120 levels and BankNifty above 18780.
FIIs were net sellers of Rs.2010.15 crores whereas DIIs were net buyers of Rs.1648.22 crores in cash market for last trading session. Nifty would see strong support at 7935-7897-7800-7777 whereas strong resistance would be seen at 8050-8105-8154-8200 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 To Be Disclosed Today: Bata India, BEML, Hathway Cable, SpiceJet and Uflex Ltd.
NSE Nifty: (7966) The support for the Nifty is 7935-7897-7800-7777 and the resistance to the up move is at 8050-8105-8154-8200 levels.
NSE BankNifty: (18256) The support for BankNifty is at 18140-18050-17980-17720 and the resistance to the up move is at 18430-18540-18690-18780 levels.
BSE Sensex: (25860) The support for the Sensex is at 25760-25624-25540-25400 and the resistance to the up move is at 26060-26131-26180-26270 levels.
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