Continue Short Positions Until Nifty Holds 9568 Levels On Closing Basis
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that sharp bounce would be seen but positive trend would be confirmed only if Nifty closes above 9568 levels but until then traders should remain cautious and exactly same happened. Indian Stock Market moved sharply positive as per EquityPandit’s predictions but was not able to hold EquityPandit’s reversal levels of 9568 and fell down sharply. Sensex saw lows right at EquityPandit’s predicted support levels of 30795 like a dot. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market would open gap negative. Technically, Analysis would still remain same and Indian Stock Market, including Nifty, BankNifty and Sensex is still in negative zone. US market has seen a sharp downfall in last trading session and Indian Stock Market would follow it. We would see further downfall and breaching levels of 9475 would force Nifty to see levels of 9440-9400. Traders should continue to hold short positions until Nifty closes above 9568 levels in upper region. If Nifty is able to hold 9475 levels then we may see some bounce in the market but overall market is bearish until Nifty holds 9568 in upper region on closing basis
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FIIs were net sellers of Rs.1140.77 crores whereas DIIs were net buyers of Rs.600.23 crores in cash market for last trading session. Nifty would see strong support at 9475-9440-9400-9370 whereas strong resistance would be seen at 9568-9580-9620-9637 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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NSE Nifty: (9504) The support for the Nifty is 9475-9440-9400-9370 and the resistance to the up move is at 9568-9580-9620-9637 levels.
NSE BankNifty: (23227) The support for BankNifty is at 23110-23040-22945-22830 and the resistance to the up move is at 23367-23475-23540 levels.
BSE Sensex: (30857) The support for the Sensex is at 30795-30712-30660-30515 and the resistance to the up move is at 31000-31061-30110-31225 levels.
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