Market To Consolidate Further, Go Short At Positive Rally For Now
Last Trading Session: Indian Stock Market opened gap negative for the day. EquityPandit predicted that BankNifty has made high for March Series and profit booking would be seen for now and exactly same happened. Indian Stock Market saw sharp profit booking exactly as predicted by EquityPandit. Nifty saw lows right at EquityPandit’s predicted support levels of 11315 like a dot. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day. BankNifty closed right above EquityPandit’s predicted support levels of 29270.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market including Nifty and BankNifty have entered into negative zone. Market would consolidate for now and we may see some further profit booking. Traders can go short at every positive movement for now. Overall market is not bearish but would see temporary profit booking due to global economic slowdown and recession fears. Overall, market would consolidate and every positive rally would end up in selling.
FIIs were net buyers of Rs.150.40 crores whereas DIIs were net sellers of Rs.12.52 crores in cash market for last trading session. Nifty would see strong support at 11300-11274-11235-11165 whereas strong resistance would be seen 11390-11430-11500 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
Stocks In F&O Ban Period: ADANIENT, ADANIPOWER, IDBI, PNB and RPOWER.
NSE Nifty: (11354) The support for the Nifty is 11300-11274-11235-11165 and the resistance to the up move is at 11390-11430-11500 levels.
NSE BankNifty: (29281) The support for BankNifty is at 29110-29027-28950-28815 and the resistance to the up move is at 29400-29520-29705-29800 levels.
BSE Sensex: (37809) The support for the Sensex is at 37690-37550-37430-37340 and the resistance to the up move is at 37880-37940-38027-38075 levels.
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