Nifty Entered Negative Zone, Go Short At Every Positive Rally

Last Trading Session: Indian Stock Market opened flat. EquityPandit predicted that market is witnessing distribution pattern that means there is high chance of downfall at this point of time and exactly same happened. Indian Stock Market saw a sharp downfall from day highs. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. BankNifty also saw highs near EquityPandit’s predicted resistance levels of 20380 and fell down sharply to see lows right near EquityPandit’s predicted support levels of 20130. BankNifty closed right on EquityPandit’s predicted support levels of 20165 like a dot. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat. Technically, Nifty has entered into negative zone but BankNifty is still in positive zone. BankNifty would enter into negative zone once it closes below 20078 levels. Cabinet has approved merger of SBI with all its 5 associate banks. This is a positive news for SBI. SBI would see some positive rally and would force BankNifty to move somewhat higher but every positive rally would be an opportunity for traders to go short in the market. Once BankNifty closes below 20078 levels, we would see sharp downfall in Indian Stock Market. Traders should go short at every positive rally in Nifty until it closes above 8830 levels.

FIIs were net buyers of Rs.225.84 crores whereas DIIs were net buyers of Rs.248.98 crores in cash market for last trading session. Nifty would see strong support at 8700-8688-8665-8640 whereas strong resistance would be seen at 8770-8830-8850-8900 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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NSE Nifty: (8725) The support for the Nifty is 8700-8688-8665-8640 and the resistance to the up move is at 8770-8830-8850-8900 levels.

NSE BankNifty: (20164) The support for BankNifty is at 20000-19916-19835-19760 and the resistance to the up move is at 20270-20380-20576 levels.

BSE Sensex: (28156) The support for the Sensex is at 28060-27950-27870-27736 and the resistance to the up move is at 28294-28340-28500 levels.

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