Further Downfall To Be Seen, Hold Short Positions For Now
Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is in negative trend and traders should go short at every positive movement and exactly same happened. Indian Stock Market opened flat and saw sharp downfall from there. Nifty breached all immediate supports for the day. Traders who followed EquityPandit’s advice to go short at every positive movement might have earned excellent profits for the day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market to open negative. Technically, Indian Stock Market is still in negative zone. Further downfall would be seen in upcoming days. Traders can continue to hold short positions as of now as bears witness strong momentum for now. Downfall is open upto 9800-9700 levels for Nifty where its next support exists. Some short covering rally may be seen but it would be an opportunity for traders to go short in the market until Nifty holds below 9976 levels on closing basis. North Korea accused Trump on declaring war and investors would look at booking profits until the worries settle down.There are no signal of trend resuming the positive movement and traders can wait for some consolidation signals for reversal to happen. Overall, the market is bearish and traders should continue to hold short positions in the market.
FIIs were net sellers of Rs.1249.45 crores whereas DIIs were net buyers of Rs.1009.98 crores in cash market for last trading session. Nifty would see strong support at 9825-9785-9740 whereas strong resistance would be seen at 9885-9812-9931-9950 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
Stocks In F&O Ban Period: BEML, DLF, IBREALEST, ICIL, INFIBEAM, JSWENERGY, RCOM and RELCAPITAL.
NSE Nifty: (9873) The support for the Nifty is 9825-9785-9740 and the resistance to the up move is at 9885-9812-9931-9950 levels.
NSE BankNifty: (24165) The support for BankNifty is at 24015-23940-23880 and the resistance to the up move is at 24180-24270-24336-24380 levels.
BSE Sensex: (31627) The support for the Sensex is at 31524-31470-31420-31340 and the resistance to the up move is at 31756-31810-31860-31938 levels.
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