Sharp Short Covering Expected But Market Negative Until Nifty Closes Above 8330
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that market would see sharp short covering but every positive movement would be an selling opportunity where traders should go short at every positive rally and exactly same happened. Indian Stock Market opened positive and saw highs just near EquityPandit’s predicted resistance levels of 8200 for Nifty. Market fell down sharply from there. BankNifty was in huge pressure and saw lows right near EquityPandit’s predicted support levels of 19080. Nifty also saw strong support at EquityPandit’s predicted support levels of 8080. Traders, who followed EquityPandit’s advice might have seen whopping profits for the day. Finally, Indian Stock Market closed flat but BankNifty closed gap negative for the day.
Today: Indian Stock Market would open positive. Technically, Analysis would remain same. Indian Stock Market including Nifty, Sensex and BankNifty, all are still in negative zone. Some bounce back can’t be ruled out at this point of time. We would see some short covering in the market but the trend is still down and would remain highly volatile. Traders should go short at every positive movement in the market. Nifty would enter into positive zone only once it closes above 8330 levels and until then its trend would remain negative and every positive movement would be a selling opportunity. 8000 levels for Nifty is a make or break level. Breaching 8000 levels for Nifty would witness a big crack in the market and we may see levels of 7500-7000 in that case. But until Nifty holds 8000 levels, there are strong chances of bounce back. Investors should keep a tight watch of reversal in Nifty and BankNifty trends and should invest only once that happens. Until then Investors should wait for further downfall and better discounted prices of bluechip companies. Also Read: Nifty Analysis from Technical Charts and Fundamental Effect of Currency Decision Taken By Government.
FIIs were net sellers of Rs.1957.04 crores whereas DIIs were net buyers of Rs.2344.31 crores in cash market for last trading session. Nifty would see strong support at 8080-8000-7800 whereas strong resistance would be seen at 8200-8250-8345-8400 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: HMT Ltd, Infibeam Incorporation Ltd and Petronet LNG.
NSE Nifty: (8112) The support for the Nifty is 8080-8000-7800 and the resistance to the up move is at 8200-8250-8345-8400 levels.
NSE BankNifty: (19108) The support for BankNifty is at 19080-18950-18825 and the resistance to the up move is at 19220-19435-19490-19660 levels.
BSE Sensex: (26299) The support for the Sensex is at 26215-26128-26060-25950 and the resistance to the up move is at 26471-26560-26687-26822 levels.
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