Initiate Short Positions Only If Market Closes Below 8366 For Nifty Or 18952 For BankNifty

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market is still in positive zone. EquityPandit also predicted that market would continue to consolidate as of now so, traders can hold long positions until Nifty closes below 8366 levels and exactly same happened. Indian Stock Market opened flat and consolidated for the whole trading session. Finally, Indian Stock Market closed flat with positive bias.

Today: Indian Stock Market would open flat to negative. Technically, Indian Stock Market is still in positive zone. Market has been consolidating since many days and we are near to a breakout or breakdown, now. Nifty may see breakout once it breaches levels of 8460 levels whereas a downfall would be seen if it breaches levels of 8400. Market would see sharp breakdown if it closes below 8366 levels for Nifty and 18952 levels for BankNifty. Once Nifty breaches this range in any side, it would see sharp movement in that direction. BankNifty has overstretched and some profit booking can’t be ruled out at this point of time. YesBank has seen excellent Q3 Results and can see sharp positive movement whereas Axis Bank has seen poor results that may result into some downtrend for this stock. Overall, Market would consolidate until this range breaks on either direction.

FIIs were net sellers of Rs.132.26 crores whereas DIIs were net buyers of Rs.379.63 crores in cash market for last trading session. Nifty would see strong support at 8400-8380-8351-8325-8300 whereas strong resistance would be seen at 8460-8500-8535-8557 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

Important Results To Be Disclosed Today: Adani Power, Atul, Canara Bank, Indiabulls Housing Finance, Jyothy Laboratories, NIIT, Rallis India, RBL Bank, Sintex Industries, SBBJ and VST Industries.

NSE Nifty: (8435) The support for the Nifty is 8400-8380-8351-8325-8300 and the resistance to the up move is at 8460-8500-8535-8557 levels.

NSE BankNifty: (19124) The support for BankNifty is at 19060-19000-18940-18825-18734 and the resistance to the up move is at 19185-19280-19330-19435 levels.

BSE Sensex: (27309) The support for the Sensex is at 27220-27160-27060-26950 and the resistance to the up move is at 27385-27450-27600 levels.

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