Nifty Enters Negative Zone, Initiate Fresh Short If BankNifty Closes Below 28912
Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the market is bullish and would see further positive momentum. EquityPandit also predicted that the market is overstretched and hence we can see profit booking anytime and hence traders can continue to hold long positions until Nifty holds above 13000 levels and exactly the same happened. Indian Stock Market moved sharply positive but was not able to sustain higher levels and fell down from there. Once Nifty breached levels of 13000 we saw sharp downfall as predicted. Finally, Indian Stock Market closed the gap negative for the day.
Market Today: Indian Stock Market would open positive. Technically, Nifty has entered into negative zone whereas BankNifty is still in positive zone. Now we can see some short covering after sharp correction seen yesterday but the market would see sideways movement and would remain weak until Nifty holds below 13000 levels. The Nifty would again enter into the positive zone only if it closes above 13157 and if that happens then the market would see a sharp positive rally. On the other hand, BankNifty would enter into a negative zone if it closes below 28912 and if that happens then we would enter into a complete negative trend and a sharp downfall would be seen in that case. Traders should initiate long positions only if Nifty trades above 13000 levels but until then there is a strong chance for the market to see some correction and it’s time for traders to wait for the confirmation.
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FIIs were net buyers of Rs.24.20 crores whereas DIIs were net sellers of Rs.1840.33 crores in the cash market for the last trading session. Nifty would see strong support at 12805-12750-12690-12615 whereas strong resistance would be seen at 12885-12940-12965-13005-13035 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (12858) The support for the Nifty is 12805-12750-12690-12615 and the resistance to the up move is at 12885-12940-12965-13005-13035.
NSE BankNifty: (29196) The support for BankNifty is 29035-28940-28865-28725 and the resistance to the up move is 29240-29365-29515-29606.
BSE Sensex: (43828) The support for the Sensex today is 43700-43606-43500-43365 and the resistance to the up move is at 43888-43950-44035-44110-44270 levels.
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