Market To See Some Recovery But Go Short At Every Positive Rally For Now
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that though market can see positive movement for now but overall structure of market is not bullish and hence we could see more pain in the market. EquityPandit also predicted that close below 9814 for Nifty and 23958 for BankNifty would force further downfall and exactly same happened. Indian Stock Market moved sharply positive but saw strong resistance at 9885 levels for Nifty. Market fell down sharply from there entering into negative zone. Nifty closed right above EquityPandit’s predicted support levels of 9750. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market to open positive. Technically, Indian Stock Market, including Nifty, BankNifty and Sensex has entered into negative zone. Some short covering rally would be seen in the market after this sharp downfall. Nifty may face immediate support of 9750-9740, breaching which it would retest the immediate lows of 9685 levels and would open the downfall towards 9550 for Nifty. BankNifty is forming even worser chart pattern where nearest support exists at 23820, breaching which BankNifty could head towards 23500 levels. Overall, short covering rally that would be seen today would be an opportunity for traders to go short in the market until Nifty is holding below 9930 levels on closing basis.
FIIs were net sellers of Rs.1983.39 crores whereas DIIs were net buyers of Rs.474.72 crores in cash market for last trading session. Nifty would see strong support at 9710-9685-9640-9608 whereas strong resistance would be seen at 9800-9820-9860-9885 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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Stocks In F&O Ban Period: BEML, Fortis Healthcare, HDIL, Indiabulls Real Estate, Jaiprakash Associates, JSW Energy, Just Dial.
NSE Nifty: (9754) The support for the Nifty is 9710-9685-9640-9608 and the resistance to the up move is at 9800-9820-9860-9885 levels.
NSE BankNifty: (23937) The support for BankNifty is at 23820-23740-23660-23500 and the resistance to the up move is at 24090-24180-24270-24312 levels.
BSE Sensex: (31259) The support for the Sensex is at 31170-31060-30940-30865 and the resistance to the up move is at 31345-31380-31430-31505 levels.
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