Nifty Enters Negative Zone, Short Covering May Be Seen But Go Short At Every Positive Movement

Last Trading Session: Indian Stock Market opened negative as predicted by Equitypandit. EquityPandit predicted that Indian Stock Market is generating bearish momentum and traders can go short in market if Nifty breaches 10775 and exactly same happened. Indian Stock Market moved sharply negative. Nifty saw lows right at EquityPandit’s predicted support levels of 10700 like a dot. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market including Nifty and Sensex have entered into negative zone. BankNifty was already in negative zone. Now, we would see further downfall in days to come. Traders can go short at every positive movement in the market. Market would continue to see negative trend until it doesn’t close above 10824 for Nifty and 26558 for BankNifty. Next logical target for Nifty is set to 10680-10650-10620. Overall, Indian Stock Market is in negative zone and traders can continue to hold short positions for now. Market may rebound and see some short-covering due to bargain hunting by traders and investors but every positive movement would be an opportunity for traders to go short in the market for now.

FIIs were net sellers of Rs.1324.92 crores whereas DIIs were net buyers of Rs.653.68 crores in cash market for last trading session. Nifty would see strong support at 10675-10645-10618-10600 whereas strong resistance would be seen 10750-10780-10805-10824 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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Stocks In F&O Ban Period: DHFL, INFIBEAM and JETAIRWAYS.

NSE Nifty: (10710) The support for the Nifty is 10675-10645-10618-10600 and the resistance to the up move is at 10750-10780-10805-10824 levels.

NSE BankNifty: (26266) The support for BankNifty is at 26180-26100-26078-26000-25840 and the resistance to the up move is at 26325-26380-26450-26518 levels.

BSE Sensex: (35287) The support for the Sensex is at 35130-35070-35000-34970-34850 and the resistance to the up move is at 35380-35440-35507-35660 levels.

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