Some Bounce To Be Seen But Go Short At Positive Rally Until Nifty Closes Above 8170
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market would see sideways movement but the trend is still negative and traders can go short at every positive movement. EquityPandit also predicted that BankNifty would enter into negative zone once it breaches 18255 levels and exactly same happened. Market moved sharply negative and saw lows right near EquityPandit’s predicted support levels of 8050 for Nifty and 18000 levels for Banknifty. Traders, who followed EquityPandit’s advice might have earned whopping profits for the day. Finally, Indian Stock Market closed negative for the day just above EquityPandit’s predicted support levels of 8077 for Nifty and 18060 for BankNifty.
Today: Indian Stock Market would open flat with positive bias. Indian Stock Market is still in negative zone. BankNifty has also entered into negative zone but 18000 levels would act as strong support for BankNifty. Nifty would also see strong support near 8050 and 8000 levels. Breaching these support levels would be little harder for the market. There is strong chances of a positive reaction, so traders can go short at every positive rally with strict stoploss of 8170 on closing basis. Market would enter into positive trend only if it closes above 8170 for Nifty and 18394 levels for BankNifty, until then, every positive movement is an opportunity for traders to go short in the market. Market would continue to see sideways movement in a rangebound region due to lack of volumes.
FIIs were net sellers of Rs.685.93 crores whereas DIIs were net buyers of Rs.418.93 crores in cash market for last trading session. Nifty would see strong support at 8050-8000-7950-7920 whereas strong resistance would be seen at 8150-8180-8200-8230 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
NSE Nifty: (8082) The support for the Nifty is 8050-8000-7950-7920 and the resistance to the up move is at 8150-8180-8200-8230 levels.
NSE BankNifty: (18069) The support for BankNifty is at 18000-17940-17840-17740-17547 and the resistance to the up move is at 18240-18188-18320-18490 levels.
BSE Sensex: (26307) The support for the Sensex is at 26240-26164-26060-25950 and the resistance to the up move is at 26440-26505-26600-26670-26733 levels.
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