Market To See Some Profit Booking But Initiate Short Only If Nifty Closes Below 10166
Last Trading Session: Indian Stock Market opened positive for the day as predicted. EquityPandit predicted that market rangebound for now and traders should continue long positions until Nifty holds above 10166 by closing and exactly the same happened. Indian Stock Market traded positively but in a small range. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in the positive zone. Analysis would still remain the same. Market would enter into a negative zone only if it closes below 10166 levels for Nifty and 21128 levels for BankNifty. Sharp increase in Coronavirus cases and high tension on the India China border may pull the market down. If the market closes below EquityPandit suggested reversal levels then we would see a sharp downfall in the market and traders can initiate fresh short positions in that case. But for now, until the market is holding these levels on a closing basis, traders should avoid shorting in the market.
Check the Trend Of Major Indices and Stocks
FIIs were net sellers of Rs.753.18 crores whereas DIIs were net buyers of Rs.1304.18 crores in the cash market for the last trading session. Nifty would see strong support at 10270-10235-10165-10120 whereas strong resistance would be seen at 10396-10458-10505-10545 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
Important Results To Be Disclosed Today: Bharat Dynamics, Bharat Electronics, Bharat Forge, Central Bank Of India, CESC, Force Motors, GE T&D India, GMR Infrastructure, Gujarat Fluorochemicals, Himatsingka Seide, Hindustan Copper, Jai Corp, J&K Bank Ltd, Lux Industries, Maharashtra Seamless, Minda Industries, MRF, NOCIL, Orient Refractories, Parag Milk Foods, PC Jeweller, Petronet LNG, Phoenix Mills, Rail Vikas Nigam, Raymond, Repco Home Finance, SJVN, Tata Steel, Time Technoplast, Venkys India and Welspun India.
NSE Nifty: (10383) The support for the Nifty 10310-10270-10235-10165-10120 and the resistance to the up move is at 10458-10505-10545.
NSE BankNifty: (21592) The support for BankNifty is 21350-21065-20878-20745-20620 and the resistance to the up move is 21715-21862-22000-22385 levels.
BSE Sensex: (35171) The support for the Sensex 34910-34780-34695-34540 and the resistance to the up move is at 35270-35480-35670-35880 levels.
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