BankNifty Entered Into Negative Zone, Go Short At Every Positive Rally

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that Nifty posseses strong resistance near 8600 levels and strong support at 8496 levels. EquityPandit also suggested to hold long postions until Nifty holds 8478 levels. Nifty managed to stay above EquityPandit’s predicted support levels despite of sharp downfall in BankNifty. Finally, Indian Stock Market closed gap negative for the day but above EquityPandit’s predicted support levels.

Today: Indian Stock Market would open flat with negative bias. Technically, BankNifty has entered into negative zone but Nifty is still in positive zone. Now, either Nifty would enter into negative zone in a day or two or else Nifty would force BankNifty to come again in Positive zone. For now traders can go short in BankNifty at every positive rally. Market looking to see some correction in days to come.
FIIs were net buyers of Rs.420.22 crores whereas DIIs were net sellers of Rs.372.40 crores in cash market for last trading session. Nifty would see strong support at 8496-8470-8445-8400 whereas strong resistance would be seen at 8550-8580-8605-8635 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 Q1 Results To Be Disclosed Today: Atul Ltd, Axis Bank, Federal Bank, KSB Pumps, L&T Finance Holdings, M&M Financial Services, Persistent System, Rallis India, Sanofi India and Vijaya Bank.

NSE Nifty: (8510) The support for the Nifty is 8496-8470-8445-8400 and the resistance to the up move is at 8550-8580-8605-8635 levels.

NSE BankNifty: (18674) The support for BankNifty is at 18610-18533-18400-18219 and the resistance to the up move is at 18740-18888-19030-19160 levels.

BSE Sensex: (27711) The support for the Sensex is at 27635-27540-27380 and the resistance to the up move is at 27860-28018-28071-28218 levels.

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