Closing Below 10300 Would Force Nifty To See 10100, Hold Short Positions
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted few days back that market is in negative zone and further downfall would be seen till 10300 in days to come and exactly same happened. Indian Stock Market fell down sharply and saw lows right near EquityPandit’s predicted targets of 10300 for Nifty. Market recovered from day lows but finally, closed gap negative for the day.
Today: Indian Stock Market would open gap negative for the day. Technically, Indian Stock Market is still in negative zone. Traders should continue to hold short positions for now until market holds below 10576 for Nifty and 25619 for BankNifty. Some short covering would be seen in the market but reversal would be seen only if market closes above 10576 levels for Nifty and 25619 for BankNifty. Until then every positive movement would be an opportunity for traders to go short in the market. Breaching levels of 10300 for Nifty on closing basis would force market to see further downfall till 10100-10065 levels. Overall, market is negative and traders should hold short positions for now.
FIIs were net sellers of Rs.895.79 crores whereas DIIs were net buyers of Rs.586.52 crores in cash market for last trading session. Nifty would see strong support at 10300-10275-10100-10065 whereas strong resistance would be seen 10451-10500-10618-10700 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: AMBUJA CEMENTS and MAHINDRA CIE.
NSE Nifty: (10378) The support for the Nifty is 10300-10275-10100-10065 and the resistance to the up move is at 10451-10500-10618-10700 levels.
NSE BankNifty: (25059) The support for BankNifty is at 25000-24798-24618-24500 and the resistance to the up move is at 26100-26300 levels.
BSE Sensex: (33775) The support for the Sensex is at 33480-33313-33180-33000 and the resistance to the up move is at 34000-34225 levels.
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