Nifty To See Some Bounce Back But Continue Short Until It Holds Below 10577
Last Trading Session: Indian Stock Market opened negative exactly as predicted by EquityPandit. EquityPandit predicted that market is still in negative zone and traders can continue short positions for now. EquityPandit also predicted that market would see sharp downfall once it breaches its support levels of 10495 and exactly same happened. Indian Stock Market fell down sharply and traders who followed EquityPandit’s advice to go short might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Market would continue to see further downfall. Some short covering rally may be seen after a sharp downfall in last few trading session but traders should continue to hold short positions until market holds below 10577 for Nifty and 26087 for BankNifty. Market would enter into positive zone only if it closes above these levels but until then traders can continue to hold short positions for target of 10325-10300 for Nifty.
FIIs were net sellers of Rs.311.11 crores whereas DIIs were net buyers of Rs.789.78 crores in cash market for last trading session. Nifty would see strong support at 10380-10325-10300-10275 whereas strong resistance would be seen 10478-10500-10562 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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NSE Nifty: (10430) The support for the Nifty is 10380-10325-10300-10275 and the resistance to the up move is at 10478-10500-10562 levels.
NSE BankNifty: (25685) The support for BankNifty is at 25500-25450-25400-25318 and the resistance to the up move is at 25735-25862-25940 levels.
BSE Sensex: (34345) The support for the Sensex is at 34228-34170-34110-34070-33920 and the resistance to the up move is at 34500-34610-34666-34740 levels.
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