Market To See Short Covering But Go Short At Every Positive Rally As Nifty Enters Negative Zone

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that BankNifty has entered into a negative zone and traders can initiate short positions once Nifty breaches levels of 10683 and exactly the same happened. Market breached EquityPandit’s predicted reversal levels of 10683 and saw a sharp downfall as predicted. Finally, Indian Stock Market closed the gap negative for the day. Nifty closed right above EquityPandit’s predicted support levels of 10600.

Today: Indian Stock Market would open gap positive. Technically, BankNifty was already in the negative zone and now Nifty and Sensex have also entered into negative zone. Market would now be considered bearish until it closes above 10810 for Nifty and 22135 for BankNifty. Market would see some short covering (positive movement) after a sharp downfall yesterday but every positive movement would be an opportunity for traders to go short in the market. Overall, the market is bearish now and traders should go short at every positive rally in the market.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1565.62 crores whereas DIIs were net sellers of Rs.649.70 crores in the cash market for the last trading session. Nifty would see strong support at 10540-10485-10440-10390  whereas strong resistance would be seen at at 10695-10751-10835 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

Important Results To Be Declared Today: Bandhan Bank, Federal Bank, Infosys, Larsen & Toubro Infotech.

NSE Nifty: (10607) The support for the Nifty is 10540-10485-10440-10390 and the resistance to the up move is at 10695-10751-10835.

NSE BankNifty: (21392) The support for BankNifty is 21065-20878-20745-20620 and the resistance to the up move is 21560-21715-21862-22000.

BSE Sensex: (36033) The support for the Sensex 35870-35630-35440-35270 and the resistance to the up move is at 36340-36518-36712 levels.

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