Market Enters Negative Zone, Short Covering To Be Seen But Go Short At Rally
Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that market is in positive zone despite Global worries but market was not able to stand against the global worries like US China trade war, Hong Kong Protest and Argentina’s currency crash and even local worries like FPI outflows, etc and hence market fell down sharply breaching all the support levels. RIL saw sharp positive rally today with 10% increase in share price as predicted by EquityPandit and hence was able to hold the market downfall. Finally, Indian Stock Market saw a sharp downfall for the day.
Today: Indian Stock Market would open positive. Indian Stock Market including Nifty, BankNifty and Sensex entered into negative zone all of a sudden. Now technically, downside is open for the market and it can retest and breach the recent lows. Some short covering rally (positive movement) can be seen after a sharp downfall in last trading session but market would enter into positive zone only if it closes above 11221 for Nifty and 28667 for BankNifty. Until then market would be considered bearish and traders could go short at every positive rally.
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FIIs were net sellers of Rs.638.28 crores whereas DIIs were net buyers of Rs.201.53 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: Edelweiss Financial Services, Eveready Industries, Finolex Cables, Galaxy Surfactants, Gateway Distriparks, Gayatri Projects, GIC, GMR Infrastructure, Grasim Industries, HEG, Himadri, IDBI Bank, IDFC, India Tourism Development Corporation, Indiabulls Integrated Services, Indiabulls Real Estate, Indraprastha Gas, Jain Irrigation Systems, Jindal Steel & Power, Johnson Controls-Hitachi Air Condition, KNR Constructions, MMTC, Omaxe, Reliance Capital, Repco Home Finance, Sadhbhav Engineering, Suven Life Sciences, Suzlon Energy, Swan Energy and Wockhardt.
Stocks In F&O Ban Period: DHFL.
NSE Nifty: (10926) 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: (27729) 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: (36958) The support for the Sensex is at 36850-36814-36770-36640 and the resistance to the up move is at 37110-37270-37368-37500 levels.
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