Market Entered Negative Zone, Go Short At Every Positive Rally For Now

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that traders can initiate short positions if Nifty closes below 8883 levels and BankNifty closes below 20650 levels. Market moved sharply negative and BankNifty managed to close below our reversal levels of 20650. Sensex saw highs right near EquityPandit’s predicted resistance levels of 28950 and fell down sharply to see lows right near EquityPandit’s predicted support levels of 28780 for Sensex. Nifty also saw highs right below EquityPandit’s predicted resistance levels of 8955 like a dot and fell down to see support right at EquityPandit’s predicted support levels of 8880. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market to open positive.Now technically, BankNifty has entered into negative zone and Nifty would enter into negative zone once it closes below 8883 levels that would happen sooner or later. We may see some short covering rally but every positive rally would be an opportunity for traders to go short in the market. BankNifty would see immediate strong support at 20500 levels breaching which on closing basis, it would sharply fell towards 20100-20000 levels. Since next 12 days are full of events hence market would hold itself from a sharp fall but overall, the direction would be negatively biased. Quarterly GDP numbers and Infrastructure Output would be disclosed today. 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.

FIIs were net sellers of Rs.145.55 crores whereas DIIs were net buyers of Rs.263.79 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 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: (8897) The support for the Nifty is 8880-8850-8815-8800 and the resistance to the up move is at 8955-8980-9005-9120 levels.

NSE BankNifty: (20613) The support for BankNifty is at 20550-20450-20380 and the resistance to the up move is at 20742-20850-20920-21060 levels.

BSE Sensex: (28813) 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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