Short Covering Would Be Seen As A Reaction To The Downfall, Wait For Trend Confirmation

Last Trading Session: Indian Stock Market opened gap negative for the day on the worries of Coronavirus and its impact on global economy. Indian market saw one of the biggest fall. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Market has seen a sharp downfall in last trading session and hence some short covering reaction could be seen today. Once Nifty breaches levels of 11175 then we can see further downfall due to bearish sentiments. It is suggested that traders should wait for today before taking any directional position. Today, traders can look for some intraday trades with small stoplosses. Intraday traders can go long with small stoploss below 11175 for Nifty or can go short for intraday once Nifty breaches levels of 11175. Overall, market is bearish but can see short covering rally today as a reaction to downfall seen in last trading session and hence traders can wait for confirmation of the trend.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1428.74 crores whereas DIIs were net buyers of Rs.7621.16 crores in cash market for last trading session. Nifty would see strong support at 11175-11145-11100-11085-11024 whereas strong resistance would be seen at 11237-11265-11308-11355 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (11202) The support for the Nifty is 11175-11145-11100-11085-11024 and the resistance to the up move is at 11237-11265-11308-11355 levels.

NSE BankNifty: (29147) The support for BankNifty is 29027-28950-28815 and the resistance to the up move is 29250-29360-29400-29520 levels.

BSE Sensex: (38297) The support for the Sensex is 38140-38085-38956-37820 and the resistance to the up move is at 38370-38402-38487-38565-38700 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