Short Covering Expected But Market Bearish Until Nifty Holds Below 12009

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market is still bearish and traders should go short at every positive movement in the market until it holds below 12105 and exactly same happened. Indian Stock Market moved sharply negative as predicted by EquityPandit. Traders, who followed EquityPandit’s advice might have earned huge profits in these two days. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open flat with positive bias. Analysis would still remain same. Indian Stock Market is still in negative zone. Market may see some short covering today but overall, market would still be considered bearish until it holds below 12009 for Nifty and 31689 for BankNifty. Traders can book partial profits at these levels and can go short again after some short covering rally (Positive movement). Overall, the trade is to go short at every positive rally until market holds below 12009 for Nifty.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.366.79 crores whereas DIIs were net buyers of Rs.338.40 crores in cash market for last trading session. Nifty would see strong support at 11800-11748-11700-11655 whereas strong resistance would be seen at 11883-11960-12041-12083 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (11857) The support for the Nifty is 11800-11748-11700-11655 and the resistance to the up move is at 11883-11960-12041-12083 levels.

NSE BankNifty: (31160) The support for BankNifty is 31110-31025-30920-30865 and the resistance to the up move is 31270-31340-31405-31455 levels.

BSE Sensex: (40240) The support for the Sensex is 40110-40035-40000-39940-39840 and the resistance to the up move is at 40380-40500-40600 levels.

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