Sharp Short Covering To Be Seen But Sell At Positive Rally Until Nifty Holds 8371 Levels
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that Market would see sharp downfall and traders should go short at every positive rally. EquityPandit also predicted that BankNifty would enter into negative zone once it breaches 19605 levels where traders should go short in BankNifty in that case and exactly same happened. Traders, who followed EquityPandit’s advice might have earned whopping profits for the day. Finally, Indian Stock Market moved sharply negative and closed gap negative just above EquityPandit’s predicted support levels of 26300 levels for Sensex and 8100 levels for Nifty like a dot.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market including Nifty, Sensex and BankNifty, all are in negative zone. 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 8371 levels and until then its trend would remain negative and every positive movement would be a selling opportunity. 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. Also Read: Nifty Analysis from Technical Charts and Fundamental Effect of Currency Decision Taken By Government.
FIIs were net sellers of Rs.2353.82 crores whereas DIIs were net sellers of Rs.104.83 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: Engineers India, Indraprastha Gas, Shipping Corporation Of India and Voltas Ltd.
NSE Nifty: (8108) 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: (19290) The support for BankNifty is at 19211-19166-19080-18950-18825 and the resistance to the up move is at 19435-19490-19660-19800 levels.
BSE Sensex: (26305) 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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