Market To See Sharp Bounce Today After Four Consecutive Days Downfall
Last Trading Session: Indian Stock Market opened flat with negative bias. EquityPandit predicted that market is still bearish and traders should continue short positions until Nifty holds below 9335. Indian Stock Market saw sharp downfall breaching all the support levels and traders who followed EquityPandit’s advice to hold short positions might have earned whopping profits for the day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open gap positive. Technically, Nifty was already in negative zone and yesterday, BankNifty has also entered into negative zone. Equitypandit already predicted that BankNifty would see sharp downfall as it has confirmed Head and Shoulder Pattern which is a bearish pattern. Now market would see sharp bounce as a reaction to the consecutive downfall for last 4 trading sessions. Traders can wait for a sharp positive reaction and once market consolidates near EquityPandit’s predicted resistance levels then traders could again go short with proper stoploss placed above final resistance level. Though this positive rally would be seen today but this is temporary as overall market is bearish and would consolidate at these levels for timebeing.
Check the Trend Of Major Indices and Stocks
FIIs were net sellers of Rs.2512.82 crores whereas DIIs were net sellers of Rs.152.42 crores in cash market for last trading session. Nifty would see strong support at 8800-8748-8665-8500 whereas strong resistance would be seen at 8950-9054-9127-9200 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: Apollo Tyres, Bajaj Finance, L&T Infotech, NESCO, Sanofi India, Tata Power Company Ltd .
NSE Nifty: (8823) The support for the Nifty is 8800-8748-8665-8500 and the resistance to the up move is at 8950-9054-9127-9200 levels.
NSE BankNifty: (17573) The support for BankNifty is 17245-17035-16900-16670 and the resistance to the up move is 17870-18075-18390-18532 levels.
BSE Sensex: (30029) The support for the Sensex is 29825-29606-29395-29071 and the resistance to the up move is at 30362-30490-30710-31125 levels.
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