Nifty Enters Negative Zone, Short Only If BankNifty Breaches 19211 Levels

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted market would see sideways movement and exactly same happened. Market consolidated and moved negative. Nifty saw highs right at EquityPandit’s predicted resistance levels of 8685 levels and fell down sharply. Coincidentally, Nifty saw lows right near EquityPandit’s predicted support levels of 8580. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat. Now Technically, Nifty has entered into negative zone but BankNifty is still holding positive trend. Market is very tricky as of now and Traders should wait for confirmation as yesterday fall can be an effect of F&O Expiry as well. If BankNifty breaches 19211 then it would also enter into negative zone and traders can initiate fresh short positions in Nifty or BankNifty. BankNifty is at premium and overly performed, so if market falls then BankNifty would fell down at much higher rate. Now Nifty would again come in positive zone only once it closes above 8702 levels which is far as of now. Traders can either hedge BankNifty long positions with Put Options which is available at discounts or can book profits at any rally available. We would see some positive reaction today and that can be opportunity to book profits in BankNifty. But traders should initiate any short positions only after confirmation of the trend that would be confirmed if BankNifty closes below 19211 levels. Overall trend reversal is on the cards and we may see sharp negative movement in days to come.
FIIs were net sellers of Rs.372.08 crores whereas DIIs were net sellers of Rs.357.02 crores in cash market for last trading session. Nifty would see strong support at 8550-8530-8496-8470 whereas strong resistance would be seen at 8620-8636-8665-8707 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

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Important Q1 Results To Be Disclosed Today: Abbott India, Finolex Industries, Gayatri Projects, JB Chemcials, JBF Industries, P&G and Tata Motors Ltd.

NSE Nifty: (8592) The support for the Nifty is 8550-8530-8496-8470 and the resistance to the up move is at 8620-8636-8665-8707 levels.

NSE BankNifty: (19304) The support for BankNifty is at 19211-19166-19080-18950-18825 and the resistance to the up move is at 19435-19490-19660 levels.

BSE Sensex: (27836) The support for the Sensex is at 27700-27635-27540-27380 and the resistance to the up move is at 27950-28018-28071-28218 levels.

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