Go Short In Nifty With Initial Stoploss Above 9662 levels On Closing Basis
Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that market has formed Inverted Hammer pattern and traders can go long with strict stoploss of 9595 on closing basis. EquityPandit also predicted that last support would be seen at 9580 for Nifty and exactly same happened. Indian Stock Market moved sharply negative and saw lows right near EquityPandit’s predicted support levels of 9580 like a dot. As EquityPandit predicted, market recovered sharply from there and managed to close near its highs. Traders, who followed EquityPandit’s advice might have earned whopping profits for the day. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open gap negative. Technically, Nifty is in negative zone but BankNifty is still in positive zone. US FED has hiked Interest Rates by 25 bps. Markets were expecting this rate hike. Though Nifty and BankNifty has developed HAMMER candlestick pattern that suggest a reversal but traders can go short in Nifty with initial stoploss above 9662 levels. Some short covering would be seen after a downfall but traders can take short positions home if Nifty closes below 9600 levels. BankNifty would enter into negative zone once it closes below 23407 levels on closing basis. If Nifty breaches 9580-9570 levels then a slide towards 9550-9520 can be expected. Once BankNifty closes below 23407 levels, traders can initiate short in BankNifty. If Nifty managed to close above 9600 levels then a sharp short covering rally can be seen in upcoming days.
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FIIs were net sellers of Rs.161.13 crores whereas DIIs were net buyers of Rs.71.65 crores in cash market for last trading session. Nifty would see strong support at 9600-9580-9550 whereas strong resistance would be seen at 9650-9684-9705-9715 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: (9618) The support for the Nifty is 9600-9580-9550 and the resistance to the up move is at 9650-9684-9705-9715 levels.
NSE BankNifty: (23499) The support for BankNifty is at 23440-23380-23240 and the resistance to the up move is at 23580-23630-23708 levels.
BSE Sensex: (31156) The support for the Sensex is at 31060-30940-30865 and the resistance to the up move is at 31225-31345-31380-31430-31505 levels.
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