Market Would Try To Bounce Back But Hold Short Until Nifty Closes Above 10109
Last Trading Session: Indian Stock Market opened gap negative exactly as predicted by EquityPandit. EquityPandit predicted that it would be a Black Friday and a sharp downfall would be seen. EquityPandit also predicted that 10000 level would be under threat for Nifty and exactly same happened. Indian Stock Market fell sharply negative and breached 10000 levels for Nifty as predicted. Traders who followed EquityPandit’s advice might have earned huge profits for the day. 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. Nifty managed to close below 10000 levels and now we would see further downfall in days to come. Reversals would be seen only if Nifty managed to close above 10109 and until then market would continue to slide down. Market would remain bearish until it closes below 10000 though it would try to bounce back above 10000 mark for Nifty. Now we need to see whether Nifty is able to close above 10000 levels or not. Traders can go short at every positive movement in the market until Nifty manages to close above 10109. If trade tensions continues on global front then Nifty may fall towards 9700 in days to come. Overall, traders can continue to hold short positions for now.
FIIs were net buyers of Rs.1628.19 crores whereas DIIs were net sellers of Rs.935.41 crores in cash market for last trading session. Nifty would see strong support at 9950-9922-9900-9880 whereas strong resistance would be seen 10028-10041-10080-10098 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: HDIL, IDBI, IFCI, JETAIRWAYS and ORIENTBANK.
NSE Nifty: (9998) The support for the Nifty is 9950-9922-9900-9880 and the resistance to the up move is at 10028-10041-10080-10098 levels.
NSE BankNifty: (23670) The support for BankNifty is at 23590-23545-23475-23380 and the resistance to the up move is at 23800-23880-23945-24060 levels.
BSE Sensex: (32597) The support for the Sensex is at 32380-32318-32165-32082 and the resistance to the up move is at 32615-32670-32700-32760 levels.
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