Market Still Bearish, Continue Short Until Nifty Holds Below 9480

Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted that market may see short covering but traders should go short at every positive rally until market closes above 9480 for Nifty and 20310 for BankNifty and exactly same happened. Market moved sharply positive but was not able to hold higher levels and saw sharp downfall from there. Traders who followed EquityPandit’s advice to go short at every positive rally might have earned huge profits for the day. Finally, Indian Stock Market closed negative for the day. BankNifty was under huge pressure throughout the day and closed gap negative right above EquityPandit’s predicted support levels of 18940.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. Market would enter into positive zone only if it closes above 9480 for Nifty and 20229 levels for BankNifty. Though market would remain rangebound but overall market is still bearish and traders should continue to hold short positions until market closes above these reversal levels. As we can see in below given BankNifty chart that BankNifty is forming Inverse Head and Shoulder Pattern, which once confirms, we would see sharp downfall in BankNifty and previous lows could be witnessed again. Volatility would continue to persist on the hopes of economies reopening.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.534.87 crores whereas DIIs were net sellers of Rs.821.6 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: Bandhan Bank, Blue Star, Havells India, JK Paper, Nestle India, Sterlite Technologies and Syngene International.

NSE Nifty: (9239) 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: (18951) The support for BankNifty is 18775-18660-18504-18380 and the resistance to the up move is 19170-19380-19516-19770 levels.

BSE Sensex: (31561) 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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