Some Short Covering May Be Seen But Market Still Bearish For Now

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that market is still in negative zone. EquityPandit also predicted that traders can continue short with proper hedging and exactly same happened. Union Budget was unable to cheer the market and hence market fell down sharply for the day. Traders, who followed EquityPandit’s advice to hold short might have earned whopping profits for the day. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. Market is still bearish on the technical front. Coronavirus is a big worry for all global markets. Market has achieved Equitypandit’s target for BankNifty and Nifty and now market may see some short covering after a sharp downfall on Budget day but overall market would still be considered bearish and would see further downfall from here. Traders are suggested to hold short positions for now.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1199.53 crores whereas DIIs were net buyers of Rs.36.64 crores in cash market for last trading session. Nifty would see strong support at 11600-11570-11530-11500 whereas strong resistance would be seen at 11700-11730-11770-11800 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Results To Be Disclosed Today: Astrazeneca Pharma, Bayer CropScience, Century Plyboards, Deepak Nitrite, Dr Lal Pathlabs, Galaxy Surfactants, Garware Technical Fibres, Glaxosmithkline Pharma, Godrej Properties, Honeywell Automation, Housing & Urban Development Corporation, KPR Mill, Mangalore Refinery and Petrochemicals, Shriram Transport Finance Company, SRF, Tata Chemicals, Ujjivan Financial Services and Welspun Corp.

NSE Nifty: (11662) The support for the Nifty is 11600-11570-11530-11500 and the resistance to the up move is at 11700-11730-11770-11800 levels.

NSE BankNifty: (29821) The support for BankNifty is 29700-29627-29470-29400 and the resistance to the up move is 29950-30027-30128-30280 levels.

BSE Sensex: (39736) The support for the Sensex is 39600-39440-39380-39270 and the resistance to the up move is at 39880-39940-40035-40110-40270 levels.

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