Hold Short Or Sell At Rally Until Nifty Breaches 9649 On Closing Basis

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that traders can go short in Nifty with initial stoploss above 9662 levels. EquityPandit also predicted that traders can short BankNifty, if it breaches 23407 levels and exactly same happened. Indian Stock Market opened negative and fell down sharply. Traders, who followed EquityPandit’s advice might have earned whopping profits for the day. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market including Nifty, Sensex and BankNifty has entered into negative zone. Market would remain weak until Nifty is below 9600 levels and hence traders can continue to hold short positions as of now. A short covering rally can’t be ruled out at this point of time but every positive rally would be an opportunity for traders to go short in the market until Nifty closes above 9649 levels. Nifty could see levels of 9550-9520 in upcoming sessions. Fresh long positions should be initiated only if Nifty managed to close above 9649 levels. Nifty would see new lifetime highs only if it closes above 9649 levels and until then either hold short positions or go short at every positive rally.

Also Check 3 Stocks to watch Today

FIIs were net sellers of Rs.645.35 crores whereas DIIs were net buyers of Rs.854.85 crores in cash market for last trading session. Nifty would see strong support at 9550-9520-9500-9470 whereas strong resistance would be seen at 9600-9622-9650-9685 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

NSE Nifty: (9578) The support for the Nifty is 9550-9520-9500-9470 and the resistance to the up move is at 9600-9622-9650-9685 levels.

NSE BankNifty: (23392) The support for BankNifty is at 23300-23250-23211-23170 and the resistance to the up move is at 23470-23540-23660-23745 levels.

BSE Sensex: (31076) The support for the Sensex is at 31025-30940-30865 and the resistance to the up move is at 31168-31225-31345-31380 levels.

Note: If you wish to subscribe for premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services