A Big Move On The Cards, Initiate Shorts Only If Nifty Closes Below 8730, Until Then Hold Long

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that traders should go long at every downfall until Nifty closes below 8714 levels and exactly same happened. Indian Stock Market saw some downfall and saw lows right near EquityPandit’s predicted support levels of 28250 for Sensex. Market recovered from day lows and traders who followed EquityPandit’s advice to go long at dips might have earned decent profits for the day. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is in positive zone but it is witnessing distribution pattern that means there is high chance of downfall at this point of time. Market has been consolidating for more than last 7 trading sessions and we are ready for a big move, now. We would see breakout if Nifty closes above 8830 levels whereas a sharp breakdown would be seen if it closes below 8730 levels. Traders should initiate fresh short positions if Nifty closes below 8730 levels or BankNifty closes below 20078 levels. The probability of downfall is getting higher due to overstretched market and we may see some reversal in upcoming days, if Nifty is not able to hold 8730 levels on closing basis. Until then traders can hold long positions.

FIIs were net sellers of Rs.6.45 crores whereas DIIs were net sellers of Rs.3.20 crores in cash market for last trading session. Nifty would see strong support at 8730-8700-8688-8665 whereas strong resistance would be seen at 8830-8850-8900-8970 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

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Important Results To Be Disclosed Today: Grasim Industries and Nestle India.

NSE Nifty: (8792) The support for the Nifty is 8730-8700-8688-8665 and the resistance to the up move is at 8830-8850-8900-8970 levels.

NSE BankNifty: (20258) The support for BankNifty is at 20165-20130-20000-19920 and the resistance to the up move is at 20380-20576-20610-20780 levels.

BSE Sensex: (28339) The support for the Sensex is at 28250-28183-28110-28000 and the resistance to the up move is at 28500-28660-28780-28888 levels.

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