Go Short Only If Nifty Closes Below 8626, Until Then Hold Long Positions

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that if no rate cut is seen then market would consolidate and exactly same happened. Sensex saw highs right near EquityPandit’s predicted resistance levels of 28294 like a dot from where Indian Stock Market saw some correction. Market saw lows right near EquityPandit’s predicted support levels of 8630 for Nifty, 18825 for BankNifty and 27950 for Sensex like a dot. Overall Market consolidated in a rangebound region. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Now Market is in a rangebound region. Nifty if closes below 8626, then it would see a sharp breakdown in upcoming days. Traders can hold long positions or go long at dips until Nifty holds 8626 levels by closing. There are strong chances of rebounce if Nifty holds those levels by closing else a sharp breakdown is confirmed. Traders should watch 8626 levels by closing and if it closes below those levels, traders can close all long positions and can take home fresh short positions for huge profits.
FIIs were net buyers of Rs.144.15 crores whereas DIIs were net sellers of Rs.610.15 crores in cash market for last trading session. Nifty would see strong support at 8626-8600-8570-8550 whereas strong resistance would be seen at 8741-8775-8800-8830 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: Adani Enterprises, Adani Transmission, Birla Corporation, Bombay Dyeing, Chambal Fertilisers, City Union Bank, Corporation Bank, Honeywell Automation, HSIL, Indiabulls Real Estate, Indian Hotels, J&K Bank, Mahindra & Mahindra, Motherson Sumi, Punj Lloyd, Suven Life Sciences, Thermax and VST Industries.

NSE Nifty: (8678) The support for the Nifty is 8626-8600-8570-8550 and the resistance to the up move is at 8741-8775-8800-8830 levels.

NSE BankNifty: (18933) The support for BankNifty is at 18825-18610-18533-18400-18218 and the resistance to the up move is at 19010-19070-19160-19300 levels.

BSE Sensex: (28085) The support for the Sensex is at 27950-27870-27736-27660 and the resistance to the up move is at 28185-28294-28340-28500 levels.

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