Market Still Negative, Continue Short Until Nifty Holds Below 11973
Last Trading Session: Indian Stock Market opened flat exactly as predicted by EquityPandit. EquityPandit predicted that market would enter into positive zone only if it closes above 11973 levels for Nifty but until then traders should remain cautious. EquityPandit also suggested traders to go short at every rally in the market until Nifty closes above 11973 and exactly the same happened. Indian Stock Market was not able to sustain higher levels and fell down sharply. BankNifty saw lows right near EquityPandit’s predicted support levels of 30920 levels. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. Market would be considered bearish until it closes above 11973 levels for Nifty and 31411 levels for BankNifty. Traders should continue to hold short positions and should not initiate any long positions until market closes above these levels. BankNifty is ready to see a breakdown if it breaches the trendline whereas BankNifty is ready to see breakdown from a Symmetrical Triangle pattern. If market has to recover then only today is the chance but if market closes below EquityPandit’s suggested levels then we would see sharp downfall in upcoming trading sessions and the gap that was formed during Exit Polls may get filled up in days to come.
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FIIs were net sellers of Rs.1050.43 crores whereas DIIs were net buyers of Rs.271.15 crores in cash market for last trading session. Nifty would see strong support at 11875-11850-11800-11748 whereas strong resistance would be seen 11930-11975-12041-12083 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Stocks In F&O Ban Period: IDBI, PCJEWELLER, RELCAPITAL and RELINFRA.
NSE Nifty: (11906) The support for the Nifty is 11875-11850-11800-11748 and the resistance to the up move is at 11930-11975-12041-12083 levels.
NSE BankNifty: (30966) The support for BankNifty is at 30920-30865-30815-30700 and the resistance to the up move is at 31037-31110-31200-31270-31340 levels.
BSE Sensex: (39757) The support for the Sensex is at 39660-39620-39565-39405 and the resistance to the up move is at 39815-39880-39945-40035 levels.
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