Market Bearish For Now, Hold Short Positions And Go Short At Every Positive Rally
Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit also predicted that market would be considered bullish only if BankNifty closes above 30885 whereas traders can initiate fresh short positions if Nifty closes below 11551 and exactly same happened. Indian Stock Market saw strong resistance right at EquityPandit’s predicted resistance levels of 30540 for BankNifty and fell down sharply from there. Market breached EquityPandit’s reversal levels of 11551 for Nifty and entered into negative zone. Market fell down sharply after breaching these levels and finally, closed gap negative for the day.
Today: Indian Stock Market would open negative. Technically, BankNifty was already in negative zone and now, Nifty has also entered into negative zone. Market would be considered bearish for now. Market may see a temporary bounce after a sharp downfall in last trading session but it would see reversal only if Nifty closes above 11633 levels and until then every positive movement would be an opportunity for traders to go short in the market. Traders can continue to hold short positions or can go short at every positive rally for now.
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FIIs were net sellers of Rs.950.15 crores whereas DIIs were net buyers of Rs.733.92 crores in cash market for last trading session. Nifty would see strong support at 11364-11340-11315-11250 whereas strong resistance would be seen 11495-11518-11560-11585 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: DHFL, IDBI, RELCAPITAL and RELINFRA.
NSE Nifty: (11419) The support for the Nifty is 11364-11340-11315-11250 and the resistance to the up move is at 11495-11518-11560-11585 levels.
NSE BankNifty: (29770) The support for BankNifty is 29721-29650-29545-29400 and the resistance to the up move is at 29880-29950-30027-30075 levels.
BSE Sensex: (38337) The support for the Sensex is at 38140-38085-38956-37820 and the resistance to the up move is at 38370-38402-38487-38565-38700 levels.
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