Market To See Further Downfall, Continue Short Positions For Now

Last Trading Session: Indian Stock Market opened flat for the day. Equitypandit predicted that market would see some short covering and traders should go short at every positive rally and same happened. Indian stock Market moved sharply negative and saw lows right at EquityPandit’s predicted support levels of 18940 for BankNifty like a dot and saw sharp bounce from there to see highs right at EquityPandit’s predicted resistance levels of 9346 like a dot. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. Analysis would remain same and market is still bearish for now. Market would enter into bullish mode only if it closes above 9492 levels for Nifty and 20310 levels for BankNifty on closing basis. Traders can continue to hold short positions until market closes above these reversal levels.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.493.68 crores whereas DIIs were net buyers of Rs.322.47 crores in cash market for last trading session. Nifty would see strong support at 9160-9090-9024-8980 whereas strong resistance would be seen at 9283-9346-9405-9540 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: Cyient Ltd, Gillette Indian Ltd, HCL Technologies Ltd, ICICI Securities Ltd, RBL Bank Ltd and SKF India Ltd.

NSE Nifty: (9271) The support for the Nifty is 9160-9090-9024-8980 and the resistance to the up move is at 9283-9346-9405-9540 levels.

NSE BankNifty: (19695) The support for BankNifty is 19380-19211-19118-18940 and the resistance to the up move is 19770-19965-20067 levels.

BSE Sensex: (31686) The support for the Sensex is 31340-31280-31025-30880 and the resistance to the up move is at 31715-31880-32047-32240 levels.

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