Nifty Enters Negative Zone, Go Short At Every Rally With Stoploss Above 10500
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted last week that market is in positive trend but Nifty would see most strong final resistance at 10485 levels and exactly same happened. Rising throughout the week, Nifty made highs of right near EquityPandit’s predicted resistance levels of 10485 like a dot and today, it saw a sharp profit booking. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market to open flat. Technically, Nifty has entered into negative zone and BankNifty would also enter into negative zone once it closes below 25272 levels on spot basis. Nifty has formed a Bearish Engulfing candlestick pattern and that suggest that market has seen a reversal from its uptrend. 10490 looks to be a short term top and some further profit booking can’t be ruled out. Now, If Nifty breaches 10340, then traders can go short in Nifty with next targets near 10275-10240-10143 spot levels. If BankNifty managed to close below 25272 spot levels then this downtrend would be more severe. Overall, traders can go short in Nifty below 10340 levels for targets of 10275-10240-10143 with stoploss above 10500, which is a strong psychological resistance level.
FIIs were net buyers of Rs.461.47 crores whereas DIIs were net sellers of Rs.2046.07 crores in cash market for last trading session. Nifty would see strong support at 10289-10270-10232-10200 whereas strong resistance would be seen at 10386-10400-10440-10485 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, JSWENERGY, RCOM and WOCKPHARMA.
Corporate Earnings To Be Disclosed Today: Aban Offshore, Arvind, Ashok Leyland, Balakrishna Industries, Bharat Forge, Bombay Dyeing, CESC, Chennai Petroleum Corporation, City Union Bank, EID Parry, Future Consumer, Greenply Industries, Gujarat Alkalies, Gujarat Narmada Vally fertilizers & Chemicals, Gujarat State Fertilizers & Chemicals, IRB Infrastructure, JK Lakshmi Cement, KRBL, Mahanagar Gas, Muthoot Finance, Navneet Education, Oriental Bank of Commerce, Petronet LNG, Pidilite Industries, Rain Industries, Shree Cement, Take Solutions, Thermax, Triveni Turbine, United Breweries, Vardhman Textiles, Voltas and Welspun India Ltd.
NSE Nifty: (10350) The support for the Nifty is 10289-10270-10232-10200 and the resistance to the up move is at 10386-10400-10440-10485 levels.
NSE BankNifty: (25300) The support for BankNifty is at 25170-25019-24945-24778 and the resistance to the up move is at 25380-25515-25670 levels.
BSE Sensex: (33371) The support for the Sensex is at 33340-33200-33165-33012 and the resistance to the up move is at 33451-33500-33552-33692 levels.
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