Go Short At Every Positive Rally, Sharp Downfall If BankNifty Breaches 21200

Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted that the market would see a short covering rally but traders should go short at every positive rally as Nifty has entered the negative zone and exactly the same happened. Indian Stock Market moved sharply positive and saw strong resistance right near EquityPandit’s predicted resistance levels of 10835 for Nifty. Market saw sharp downfall from there as predicted by EquityPandit. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in a negative zone. Market would see some short covering rally but again it would be considered as an opportunity to sell at a rally until the market closes above 10810 for Nifty and 22135 for BankNifty. Market would enter into a positive zone only if it closes above 10810 for Nifty and 22135 for BankNifty and until then the market would be considered bearish. Levels of 21200 acted as strong resistance during uptrend for BankNifty and now it would be acting as a support on closing basis. So if BankNifty closes below 21200, we would see a sharp downfall. Traders can add short positions once BankNifty closes below 21200 but until then traders should remain cautious as some short covering rally could be seen.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.221.70 crores whereas DIIs were net sellers of Rs.899.37 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: Bajaj Consumer Care, Cyient, L&T Finance Holdings, L&T Technology Services, Minda Corporation Ltd.

NSE Nifty: (10618) The support for the Nifty is 10540-10485-10440-10390 and the resistance to the up move is at 10695-10751-10835.

NSE BankNifty: (21341) The support for BankNifty is 21065-20878-20745-20620 and the resistance to the up move is 21560-21715-21862-22000.

BSE Sensex: (36052) 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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