Event Packed Week, Initiate Short If Nifty Closes Below 8883 Levels, Until Then Hold Long

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit suggested traders to go long at dips until Nifty holds 8862 levels. EquityPandit also suggested traders few days back that market is headed towards 52 week highs so, traders should hold long positions in the market and exactly same happened. Indian Stock Market moved sharply positive and Nifty saw new 52 weeks highs. BankNifty already made new 52 weeks highs few days back. Traders, who followed EquityPandit’s advice might have earned huge profits. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market to open gap negative.Technically, Indian Stock Market is still in positive zone. Next two weeks would be full of volatility due to many events. Quarterly GDP numbers and Infrastructure Output would be disclosed on February 28, 2017. GST council meet would be held on March 4 and 5. UP Election outcome would be on March 11, 2017 that would affect the Indian Stock Market direction. For now, traders can go long at dips until Nifty holds 8883 levels and BankNifty holds 20650 on closing basis. Once Nifty and BankNifty closes below these levels, then traders can initiate fresh short positions in the market. Overall, market is in positive momentum but overstretched.

FIIs were net buyers of Rs.392.33 crores whereas DIIs were net sellers of Rs.445.04 crores in cash market for last trading session. Nifty would see strong support at 8900-8880-8850-8815-8800 whereas strong resistance would be seen at 8955-8980-9005-9120 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: (8940) The support for the Nifty is 8900-8880-8850-8815-8800 and the resistance to the up move is at 8955-8980-9005-9120 levels.

NSE BankNifty: (20877) The support for BankNifty is at 20725-20650-20550-20450 and the resistance to the up move is at 20920-21060-21240 levels.

BSE Sensex: (28893) 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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