Market To See Sharp Downfall Today As Reversal Seen From The Resistance Levels

Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted that market would see further positive movement and upside is now open till 22000 for BankNIfty and exactly same happened. Indian Stock Market moved sharply positive after a gap positive opening and saw highs right at EquityPandit’s predicted resistance levels of 22000 for BankNifty like a dot. Traders, who followed EquityPandit’s advice to hold long positions might have earned huge profits for the day. Market saw some profit booking from highs but finally, managed to close gap positive for the day.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is in positive zone. Market would enter into negative zone once it closes below 9583 for Nifty and 20841 for BankNifty. BankNifty has formed DOJI pattern in last trading session that suggest reversal. U.S. President Donald Trump on Thursday threatened new tariffs on China over the corona virus pandemic. All these factors would force Indian Stock Market to see sharp downfall from here. As EquityPandit warned earlier that this bounce is just a temporary bear market rally and may be extended till 10000 levels for Nifty and around 22000 levels of BankNifty. A bear Market Rally refers to a sharp. short-term price increase in a stock or market amid a longer-term bear market period. We also suggested Investors to wait for market correction before making any fresh investments. Warren Buffet said on Saturday that Berkshire Hathaway is still sitting on its massive cash hoard because the conglomerate hasn’t found anything attractive yet. Market has already seen highs near EquityPandit’s predicted resistance for this bear rally. Further positive rally could only be seen if Indian Government announces another stimulus that may delight the dalal street, which investors are already expecting. But for now, traders should initiate fresh short positions if market closes below Equitypandit predicted reversal levels of 9583 for Nifty and 20841 for BankNifty.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.1968.8 crores whereas DIIs were net buyers of Rs.579.03 crores in cash market for last trading session. Nifty would see strong support at 9775-9600-9508-9380 whereas strong resistance would be seen at 9888-9940-9980-10028 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Results To Be Disclosed Today: Adani Green Energy Ltd, Marico Ltd.

NSE Nifty: (9860) The support for the Nifty is 9775-9600-9508-9380 and the resistance to the up move is at 9888-9940-9980-10028 levels.

NSE BankNifty: (21535) The support for BankNifty is 21340-21067-20878-20745 and the resistance to the up move is 21715-21862-22000 levels.

BSE Sensex: (33718) The support for the Sensex is 33400-33110-32880-32618 and the resistance to the up move is at 33888-34067-34240 levels.

Note:  If you wish to subscribe for premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services