Go Short At Positive Rally, Nifty Has Strong Support At 7600-7500 Levels
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that market is in negative zone and traders can hold short positions as of now. EquityPandit also predicted that its target for Nifty of 7720 levels would achieve soon and exactly same happened. Indian Stock Market fell down sharply after a bit of recovery and traders who followed EquityPandit’s advice to hold short positions might have earned huge profits for the day. BankNifty saw strong resistance near EquityPandit’s predicted resistance levels of 16475 levels and fell down sharply to see lows right near EquityPandit’s predicted support levels of 16260 levels. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Now bottoming out process could be seen around 7600-7500 levels from where Nifty would see sharp recovery. For now, traders can continue to hold short positions as of now. FIIs were net sellers of Rs.66.45 crores whereas DIIs were net sellers of Rs.78.80 crores in cash market for last trading session. Nifty would see strong support at 7685-7650-7615-7600 whereas strong resistance would be seen at 7795-7830-7865-7900 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 Results Today: Aarti Drugs, Castrol India, Eicher Motors, Emami, Gillette India, Godrej Properties, Great Eastern Shipping, Hero Motocorp, IIFL Holding, MCX and P&G.
NSE Nifty: (7707) The support for the Nifty is 7685-7650-7615-7600 and the resistance to the up move is at 7795-7830-7865-7900 levels.
NSE BankNifty: (16274) The support for BankNifty is at 16188-16011-15933-15840 and the resistance to the up move is at 16380-16475-16640-16780 levels.
BSE Sensex: (25102) The support for the Sensex is at 25012-24950-24835-24600 and the resistance to the up move is at 25250-25380-25572-25660 levels.
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