Market Still Negative, Continue Short Until Nifty Holds Below 10369
Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that Traders should initiate fresh long positions only if Nifty closes above 10385 and BankNifty closes above 25560 levels. EquityPandit also predicted that Nifty may see recovery if managed to hold above 10250 levels but if 10250 levels are breached on downside then a sharp downfall would be seen and exactly same happened. Indian Stock Market moved positive but was not able to hold above EquityPandit’s predicted resistance levels and hence fell down sharply. BankNifty saw lows right above EquityPandit’s predicted support levels of 25327. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Traders can continue to hold short positions until Nifty holds below 10369 and BankNifty holds below 25560 on closing basis. Nifty forms Bearish Engulfing Candlestick Pattern. Now Nifty would see support at 10180-10143-10100 levels. 10180 would be immediate support, from where some bounce is possible but if it breaches 10180 then downfall would be open upto 10143 levels. Traders should not initiate fresh long positions until Nifty and BankNifty closes above EquityPandit’s predicted reversal levels of 10369 and 25560 respectively. Breaching 10215 on downside would force Nifty to test nearest support of 10180 levels. For now, traders can continue to hold short positions.
FIIs were net sellers of Rs.233.56 crores whereas DIIs were net sellers of Rs.268.77 crores in cash market for last trading session. Nifty would see strong support at 10180-10143-10100 whereas strong resistance would be seen at 10252-10283-10369-10386 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: DHFL, HDIL, IBREALEST, INDIACEM, INFIBEAM, JETAIRWAYS, JISLJALEQS, JSWENERGY, JPASSOCIAT and JUSTDIAL.
Corporate Earnings To Be Disclosed Today: 3M India, AIA Engineering, Bank Of Baroda, BASF India, Bata India, Cadila Healthcare, CEAT, Corporation Bank, Cox & Kings, Dilip Buildcon, Eicher Motors, Elgi Equipments, Eros International, Fortis Healthcare, GAIL, Gayatri Projects, GMR Infra, Godrej Industries, Grasim Industries, Honeywell Automation, HDIL, IFCI, Indiabulls Real Estate, Infibeam INC, Ipca Laboratories, JP Associate, JBF Industries, JK Tyre, Kwality, MTNL, MRPL, Manpasand Beverages, MOIL, NBCC, NCC, Religare Enterprises, Solar Industries India, Sun Pharmceuticals, Tata Global Beverages and Unitech.
NSE Nifty: (10225) The support for the Nifty is 10180-10143-10100 and the resistance to the up move is at 10252-10283-10369-10386 levels.
NSE BankNifty: (25358) The support for BankNifty is at 25238-25165-25119-24948 and the resistance to the up move is at 25470-25560-25695-25800 levels.
BSE Sensex: (33034) The support for the Sensex is at 32940-32800-32670-32600 and the resistance to the up move is at 33118-33180-33240-33380 levels.
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