Market Rangebound, Short At Every Positive Rally, Long Only If Nifty Closes Above 8154
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that sharp short covering rally would be seen today but overall market is negative biased. EquityPandit also predicted that every positive movement would end up in selling. EquityPandit also predicted that market would remain rangebound for next couple of days and exactly same happened. Market opened gap positive but was not able to sustain higher levels and fell down sharply. Market made lows and again moved higher but overall market remained rangebound between EquityPandit’s predicted support and resistance levels. Finally, Indian Stock Market closed positive for the day. Sensex closed right below EquityPandit’s predicted resistance levels of 26060.
Today: Indian Stock Market would open negative. Today is the F&O Expiry day and huge volatility would be seen but in a rangebound region. Technically, Indian Stock Market is still in negative zone. We would see some further short covering in the market but overall market is still negative until Nifty breaches 8154 levels and BankNifty breaches 19051 levels by closing. If Nifty managed to close above 8154 levels then we would consider that market has seen reversal and traders can go long in the market. But until then every positive movement would be an opportunity for traders to go short in the market.
FIIs were net sellers of Rs.1023.12 crores whereas DIIs were net buyers of Rs.1254.67 crores in cash market for last trading session. Nifty would see strong support at 7970-7897-7800-7777 whereas strong resistance would be seen at 8105-8154-8200-8240 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: Aditya Birla Fashion & Retail Ltd, Jindal Poly Films Ltd and Soven Life Sciences Ltd.
NSE Nifty: (8033) The support for the Nifty is 7970-7897-7800-7777 and the resistance to the up move is at 8105-8154-8200-8240 levels.
NSE BankNifty: (18541) The support for BankNifty is at 18440-18320-18225-18140 and the resistance to the up move is at 18690-18780-18888-19054 levels.
BSE Sensex: (26052) The support for the Sensex is at 25875-25760-25624-25540 and the resistance to the up move is at 26131-26180-26270-26350 levels.
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