Market To See sharp Positive Reaction But Go Short At Positive Rally Until Nifty Closes Above 8193
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit predicted that market is still in negative zone and RBI policy would decide the further direction in the market. EquityPandit also predicted that if there is no rate cut this time then market would slide down very sharply and exactly same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 8200 for Nifty and 26540 for Sensex like a dot. RBI announced no rate cut and that force market to slide down very sharply. Traders, who followed EquityPandit’s advice might have earned whopping profits for the day. Finally, Indian Stock Market closed negative for the day but just above EquityPandit’s predicted support levels of 8100 like a dot.
Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in negative zone but we would see sharp short covering rally on the reaction of yesterday’s downfall. Market is lying between range of 8050 and 8200 for Nifty. Breaching any level out of these two on closing basis, would force market to move sharply in that direction. Overall, market is still negative and every positive movement is an opportunity for traders to go short in the market until Nifty closes above 8193 levels and BankNifty closes above 18600 levels. If there would be no positive news in upcoming days then we may witness sharp sell-off towards 8000 or below levels for Nifty. Once Nifty closes above 8193 and BankNifty closes above 18600 levels then traders can initiate fresh long positions in the market as the trend would reverse.
FIIs were net buyers of Rs.193.66 crores whereas DIIs were net sellers of Rs.56.28 crores in cash market for last trading session. Nifty would see strong support at 8100-8077-8050-7950-7916 whereas strong resistance would be seen at 8123-8148-8180-8200-8250 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: Finolex Cables, MMTC and SAIL.
NSE Nifty: (8102) The support for the Nifty is 8100-8077-8050-7950-7916 and the resistance to the up move is at 8123-8148-8180-8200-8250 levels.
NSE BankNifty: (18234) The support for BankNifty is at 18188-18060-18000-17950-17800 and the resistance to the up move is at 18490-18588-18690-18780-18888-19000 levels.
BSE Sensex: (26237) The support for the Sensex is at 26180-26124-26060-25950-25840 and the resistance to the up move is at 26350-26540-26720 levels.
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