Continue Short Positions Until Nifty holds below 10385, Tata Motors Results Today
Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that market has entered into negative zone and traders should go short at every positive rally in the market and exactly same happened. Nifty moved positive and saw highs right at EquityPandit’s predicted resistance levels of 10386 like a dot. Nifty fell down sharply right from EquityPandit’s predicted resistance levels and saw lows right at EquityPandit’s predicted support levels of 10289. Finally, Indian Stock Market closed gap negative for the day and traders who followed EquityPandit’s advice to go short at every positive rally might have earned whopping profits for the day.
Today: Indian Stock Market to open positive. Technically, Indian Stock Market is still in negative zone. Now, some short covering can be seen after two days of downfall but market would not be able to sustain higher levels and may see further profit booking as EquityPandit already predicted that Nifty has made near term top of 10490. Traders can continue to hold short at this point of time or can go short at higher levels for the targets of 10275-10240-10143 levels in days to come. Now, 10385 would act as a strong resistance and hence traders can hold short positions until Nifty holds below 10385 levels. Nifty would again enter into positive zone only if Nifty closes above 10412 and until then traders should remain cautious and should not initiate fresh long positions.
FIIs were net sellers of Rs.3838.27 crores whereas DIIs were net buyers of Rs.3038.16 crores in cash market for last trading session. Nifty would see strong support at 10270-10232-10200-10180 whereas strong resistance would be seen at 10352-10386-10400-10440 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: (10303) The support for the Nifty is 10270-10232-10200-10180 and the resistance to the up move is at 10352-10386-10400-10440 levels.
NSE BankNifty: (25184) The support for BankNifty is at 25065-25019-24945-24778 and the resistance to the up move is at 25300-25380-25515-25670 levels.
BSE Sensex: (33219) The support for the Sensex is at 33155-33108-33012-32940 and the resistance to the up move is at 33280-33400-33451-33500 levels.
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