Market May See Some Correction As Investors Watch Corona virus Burgeoning Numbers

Last Trading Session: Indian Stock Market opened positive for the last trading session. Market moved sharply positive but was not able to sustain the higher levels and fell down sharply. Market saw lows right at EquityPandit’s predicted support levels of 8500 for Nifty. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is in positive zone for now and would enter into negative zone once it closes below 8117 for Nifty and 18407 for BankNifty. Though liquidity is been infused by RBI in India but the condition of the economy remains same as revival is not seen in near future. Positive rally looks like a trap and traders can go short at every positive rally until Nifty closes above 9200 levels. Market would continue to consolidate in a bigger range and volatility would continue to exist for now. Market may be in positive zone for now but we would see profit booking (negative movement) as overall market would remain bearish for next few weeks as investors are still sceptical due to burgeoning number Corona virus cases. Due to high implied volatility, its good time for trading but investors should wait for further downfall before adding to your investments as Global economy is under immense pressure and you may get further discounted pricing for bluechip stocks.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.355.78 crores whereas DIIs were net buyers of Rs.1703.72 crores in cash market for last trading session. Nifty would see strong support at 8500-8400-8307-8180 whereas strong resistance would be seen at 8711-8800-8950-9050 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (8660) The support for the Nifty is 8500-8400-8307-8180 and the resistance to the up move is at 8711-8800-8950-9050 levels.

NSE BankNifty: (19969) The support for BankNifty is 19740-19580-19211-19118 and the resistance to the up move is 20210-20347-20500 levels.

BSE Sensex: (29816) The support for the Sensex is 29350-29000-28724-28440 and the resistance to the up move is at 30075-30280-30445-30600 levels.

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