Indian Market Still Bearish, Hold Short Positions For Now
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted last week that Market has entered into negative zone. EquityPandit also predicted that some short covering rally (Positive movement) would be seen but market would be considered bearish until it closes above 11221 for Nifty and 28667 for BankNifty and exactly same happened. EquityPandit also suggested to go short at every positive rally and traders who followed EquityPandit’s advice might have earned whopping profits in this week. Nifty has seen lows right near EquityPandit’s predicted support levels of 10900. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat. Indian Stock Market is still in negative zone. Though there is a chance of some short covering reaction to the consecutive downfall for last 2 trading session but market is still bearish and further downfall could be seen if 10900 is broken for Nifty. Downfall is open till 10820-10780 levels for Nifty and 27500-27380 for BankNifty where nearest support lies. Every positive rally would still be considered as an opportunity to go short in the market. Market would remain in bearish zone until it trades below 11000 levels whereas bullishness would be seen only if it closes above 11122 levels for Nifty and 28383 levels for BankNifty. For now, traders can hold short positions.
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FIIs were net sellers of Rs.770.81 crores whereas DIIs were net buyers of Rs.353.97 crores in cash market for last trading session. Nifty would see strong support at 10900-10840-10800-10749 whereas strong resistance would be seen 11009-11025-11078-11110 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Important Results To Be Disclosed Today: Gillette India.
Stocks In F&O Ban Period: DHFL and IDBI.
NSE Nifty: (10919) The support for the Nifty is 10900-10840-10800-10749 and the resistance to the up move is at 11009-11025-11078-11110 levels.
NSE BankNifty: (27719) The support for BankNifty is 27635-27565-27450-27340 and the resistance to the up move is at 27780-27820-27880-28000-28035 levels.
BSE Sensex: (37060) The support for the Sensex is at 36940-36850-36814-36770-36640 and the resistance to the up move is at 37110-37270-37368-37500 levels.
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