Market Enters Negative Zone, Go Short At Positive Rally For Now
Last Trading Session: Indian Stock Market opened flat. EquityPandit predicted that Nifty has formed Bearish Engulfing Candlestick Pattern that is bearish but it would see strong support at 10000 levels and exactly same happened. Nifty fell down sharply but saw strong support at EquityPandit’s predicted support levels of 10000 like a dot. Finally, Indian Stock Market saw sharp downfall and closed gap negative for the day.
Today: Indian Stock Market to open flat. Technically, Indian Stock Market has entered into negative zone. Now, market is bearish as of now. Nifty to see immediate supports at 10000-9985-9970 levels. Nifty possess many immediate support and hence downfall is limited as of now. Overall market is bullish in medium to long term but for shorter term this correction is intact. Correction is necessary for every positive rally to stabilize the trend and hence once this correction ends, market would be ready for fresh positive rally. Nifty possess last support at 9920 levels. For now, market is bearish and traders should short at every positive rally.
FIIs were net buyers of Rs.24.07 crores whereas DIIs were net sellers of Rs.389.34 crores in cash market for last trading session. Nifty would see strong support at 10000-9983-9968-9948-9920 whereas strong resistance would be seen at 10080-10115-10150-10180 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: Aban Offshore, Andhra Bank, Apollo Tyres, Arvind, Berger Paints, Chennai Petrolium corporation, Dabur India, EID Parry, Fortis Healthcare, GSFC, HPCL, Indian Hotels, Kirloskar Oil Engines, M&M, Monsanto, MRF, Repco Home Finance, Sheela Foam, Sobha Ltd and Welspun Corp.
NSE Nifty: (10014) The support for the Nifty is 10000-9983-9968-9948-9920 and the resistance to the up move is at 10080-10115-10150-10180 levels.
NSE BankNifty: (24675) The support for BankNifty is at 24480-24450-24340-24280 and the resistance to the up move is at 24720-24860-24940-25035 levels.
BSE Sensex: (32237) The support for the Sensex is at 32195-32110-32060-31940 and the resistance to the up move is at 32320-32400-32505-32660 levels.
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