Market In Negative Zone, Go Short At Every Positive Movement
Last Trading Session: Indian Stock Market opened gap negative for the day. EquityPandit predicted that market would see profit booking at higher levels and would enter into negative zone once Nifty closes below 11024 levels. EquityPandit also predicted that traders should close all long positions once Nifty closes below 11024. Nifty closed below 11024 at 11016 on Union Budget Day and traders who followed EquityPandit’s advice to close all long positions and initiate fresh short positions might have earned huge profits on Friday when Indian Stock Market saw the biggest fall of the year in a single day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market has entered into negative zone. Market may see some short covering rally after a sharp downfall at lower levels but every positive movement would be an opportunity for traders to go short in the market. Next logical target for Nifty is at 10650-10500 in upcoming days until Nifty holds below 10975 on closing basis. Breaching Levels of 10735 for Nifty and 35000 for Sensex would force market to see another sharp fall in intraday. Overall, market is in negative trend and traders should go short at every positive movement.
FIIs were net buyers of Rs.950 crores whereas DIIs were net sellers of Rs.508.78 crores in cash market for last trading session. Nifty would see strong support at 10675-10645-10550-10500 whereas strong resistance would be seen 10800-10840-10880-10955 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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Important Q3 Results To Be Disclosed Today: Bosch, Century Plyboards, Colgate-Palmolive, Entertainment Network, Eveready Industries, Greaves Cotton, Housing & Urban Development Corporation, IFCI, La Opala, Mcleod Russel, Sheela Foam, Tata Motors, Tata Motors-DVR, Timken India, Ujjivan Financial Services and Unichem Laboratories Ltd.
NSE Nifty: (10761) The support for the Nifty is 10675-10645-10550-10500 and the resistance to the up move is at 10800-10840-10880-10955 levels.
NSE BankNifty: (26451) The support for BankNifty is at 26340-26180-26100-26000 and the resistance to the up move is at 26685-26800-26890-26971 levels.
BSE Sensex: (35067) The support for the Sensex is at 35000-34970-34850-34700 and the resistance to the up move is at 35180-35270-35380-35440 levels.
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