Short Covering To Be Seen, Nifty To Trade In 10300-10534 Range

  • Stock Market Analysis
Abhishek Parakh
http://www.equitypandit.com/

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market is still in negative zone and traders should continue to hold short positions as of now. EquityPandit also predicted that some short covering would be seen but every positive movement would be an opportunity to go short in the market and exactly same happened. Indian Stock Market moved positive but fell down sharply following sharp downfall in BankNifty. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Now we are heading towards F&O Expiry and hence some short covering rally would surely be seen. Now, market is looking for a breakout in either side. Closing above 10534 levels for Nifty would suggest trend reversal and market would enter into positive zone in that case. Whereas a sharp breakdown would be seen if Nifty managed to close below 10300 levels. So, that strategy for now would be to trade between these levels until breakout is seen from this range. Intraday Traders can go long with stoploss below 10275 and book profits at higher levels. At higher levels, traders can go short with closing stoploss of 10534 and book profits at lower levels near 10300-10400. Overall, market would remain rangebound until this range breaks. Once, market closes out of this range then traders can take position in that direction.

FIIs were net sellers of Rs.850.35 crores whereas DIIs were net buyers of Rs.1437.24 crores in cash market for last trading session. Nifty would see strong support at 10300-10275-10100-10065 whereas strong resistance would be seen 10451-10500-10618-10700 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Stocks In F&O Ban Period: Balrampur Chini and Siemens (NS: SIEM ).

NSE Nifty: (10360) The support for the Nifty is 10300-10275-10100-10065 and the resistance to the up move is at 10451-10500-10618-10700 levels.

NSE BankNifty: (24874) The support for BankNifty is at 24798-24618-24500 and the resistance to the up move is at 25000-25075-25200-25340 levels.

BSE Sensex : (33704) The support for the Sensex is at 33480-33313-33180-33000 and the resistance to the up move is at 34000-34225 levels.


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