Market May See Some Short Covering But Overall Trend Still Bearish, Go Short At Rally

Last Trading Session: Indian Stock Market opened gap positive exactly as predicted by EquityPandit. Equitypandit predicted that market would see some bounce today but go short at every positive rally in the market. Market opened gap positive and saw sharp profit booking from there. BankNifty saw lows right at EquityPandit’s predicted support levels of 19211 like a dot. Traders who followed EquityPandit’s advice might have earned whopping profits for the day. 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. Market may see some short covering but overall, the analysis would remain same and market would be considered bearish until it holds below 9585 levels for Nifty and 20642 levels for BankNifty on closing basis. Traders can continue to go short at every positive rally until market closes above these levels.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1059.39 crores whereas DIIs were net sellers of Rs.995.30 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: JM Financial Ltd, Kansai Nerolac Paints Ltd.

NSE Nifty: (9206) 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: (19272) The support for BankNifty is 19211-19118-18940-18700 and the resistance to the up move is 19515-19770-19965-20067 levels.

BSE Sensex: (31454) 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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