Market To See Short Covering But Go Short At Every Positive Rally As Corona Fears Weighs

Last Trading Session: Indian Stock Market predicted that market would see sharp downfall and once it breaches levels of 8900, it would see further 20-30% downfall and exactly same happened. EquityPandit also predicted that traders should exit all the investments and should wait for lower levels to enter again and same happened. Indian Stock Market moved sharply downfall and saw the lower circuit for the day. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. 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 is overall bearish and would continue to see downfall in a cyclic manner. Though market would see some positive movement today backed by the stimulus given by various Central Banks but it would not be able to hold market longer. Most of the Business are shutdown across the globe and hence there is no reason for economy to revive. Looking at the current global and local concerns, EquityPandit expects this downfall to continue until 6000-6200 levels for Nifty and around 20000-22000 levels for Sensex are seen. Investors should still wait for the fresh investments until market see further downfall. The current Corona virus fears are quite serious and we could see downfall upto 6100 levels for Nifty in this year. Overall, market is bearish and traders can go short at every positive rally in this market.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.2989.29 crores whereas DIIs were net buyers of Rs.1082.24 crores in cash market for last trading session. Nifty would see strong support at 7564-7500-7479-7400 whereas strong resistance would be seen at 7700-7730-7780-7855 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (7610) The support for the Nifty is 7564-7500-7479-7400 and the resistance to the up move is at 7700-7730-7780-7855 levels.

NSE BankNifty: (16918) The support for BankNifty is 16670-16560-16300-16157 and the resistance to the up move is 17390-17520-17660-17870 levels.

BSE Sensex: (25981) The support for the Sensex is 25877-25760-25624-25540-25380 and the resistance to the up move is at 26060-26180-26270-26380-26500 levels.

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