Continue Short Positions Until Nifty Closes Below 8962 Levels

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that Indian Stock Market is in negative zone and would enter into positive zone only once it closes above 8962 levels. Market moved sharply positive after a gap positive opening and saw 52 weeks high for Sensex and Nifty but was not able to sustain EquityPandit’s reversal levels of 8962 for Nifty and fell down sharply. BankNifty saw highs right near EquityPandit’s predicted resistance levels of 20920 like a dot. Sensex also saw highs right near EquityPandit’s predicted resistance levels of 29154 like a dot. Finally, Indian Stock Market fell down sharply and closed gap negative for the day. Nifty closed right above EquityPandit’s predicted support levels of 8897 like a dot.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in negative zone for now. The positive movement in last two days was surprising and was contradicting the Technical Analysis but finally, market saw a sharp downfall and managed to close below our reversal levels of 8962. Indian Stock Market would continue to see choppy movement in a rangebound region. 20500 is still an immediate support level for BankNifty, breaching which with volumes, it would fall down sharply. Market may see some buying near support levels but every positive rally would end in profit booking until Nifty closes above 8962 levels. Nifty is still below 8900 levels and traders can still continue short until Nifty closes above 8962 levels. Market would continue to see huge volatility until UP Election outcome. Long story short, initiate long positions only if Nifty closes above 8962 levels and until then hold short.

FIIs were net buyers of Rs.122.94 crores whereas DIIs were net sellers of Rs.83.21 crores in cash market for last trading session. Nifty would see strong support at 8880-8850-8815-8800 whereas strong resistance would be seen at 8920-8962-8980-9005 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: (8900) The support for the Nifty is 8880-8850-8815-8800 and the resistance to the up move is at 8920-8962-8980-9005 levels.

NSE BankNifty: (20560) The support for BankNifty is at 20500-20450-20380-20295 and the resistance to the up move is at 20670-20742-20850-20920 levels.

BSE Sensex: (28840) The support for the Sensex is at 28780-28675-28550-28400 and the resistance to the up move is at 28950-29080-29154-29325 levels.

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