Market Still Negative, BankNifty Below 19000, Go Short At Every Positive Rally
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that there is a strong chance that Market may see sharp bounce but every sort covering would end in new selling in the market that would again end up in further fall in the market and exactly same happened. Traders, who followed EquityPandit’s advice to go short at every positive movement might have earned whopping profits for the day. BankNifty closed just above EquityPandit’s predicted support levels of 18940 for the day. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. BankNifty has highest premium and hence it is prone to a big downfall risk. BankNifty if managed to hold below 19000 levels then we could see next target of 18800-18500 levels just in days to come. We could even witness levels of 18100 in upcoming weeks. Since we have entered into F&O Expiry week, we would see huge volatility in market. Breaching 8000 levels for Nifty could be a big risk to Indian Stock Market and if that happens, we would see a sharp downfall in the market, where BankNifty would fall the most. Traders are suggested to short at every positive movement in the market until reversal is seen in the market. Reversal would be seen only if Nifty managed to close above 8269 levels.
FIIs were big seller in the market for the whole month and has seen selling worth around 12,000 crores in this month in Cash Market.
FIIs were net sellers of Rs.926.32 crores whereas DIIs were net buyers of Rs.1143.44 crores in cash market for last trading session. Nifty would see strong support at 8039-8000-7927-7800 whereas strong resistance would be seen at 8150-8200-8250-8289-8345 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: GE Power, Ingersoll-Rand India Ltd, National Aluminium Company Ltd and Sobha Ltd.
NSE Nifty: (8074) The support for the Nifty is 8039-8000-7927-7800 and the resistance to the up move is at 8150-8200-8250-8289-8345 levels.
NSE BankNifty: (18959) The support for BankNifty is at 18824-18734-18610-18533 and the resistance to the up move is at 19030-19160-19376-19440 levels.
BSE Sensex: (26150) The support for the Sensex is at 26128-26060-25911-25770 and the resistance to the up move is at 26350-26471-26560-26687-26822 levels.
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