Nifty Forms Hanging Man Pattern, Continue Long Until 10280 Holds
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Indian Stock Market including Nifty BankNifty and Sensex are all in positive zone. EquityPandit also predicted that market is in positive momentum and traders should continue long positions for now and exactly same happened. Finally, Indian Stock Market moved sharply positive and closed gap positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market are still in positive zone. Nifty and BankNifty has formed Hanging Man Pattern Candlestick Pattern that suggest the market is near top but its too early to conclude this. Some Profit booking would be seen. Now, Market needs to breach 10332 level for Nifty to negate this indicator. Traders can continue to hold long positions in the market until 10280 holds for Nifty. Further buying would be seen in the market if Nifty managed to close above 10330 levels for today.
FIIs were net sellers of Rs.185.6 crores whereas DIIs were net buyers of Rs.108.94 crores in cash market for last trading session. Nifty would see strong support at 10299-10232-10200 whereas strong resistance would be seen at 10330-10352-10386-10400 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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Stocks In F&O Ban Period: FORTIS, HDIL, IRB, JETAIRWAYS, JISLJALEQS, JPASSOCIAT and JSWENERGY.
NSE Nifty: (10322) The support for the Nifty is 10299-10232-10200 and the resistance to the up move is at 10330-10352-10386-10400 levels.
NSE BankNifty: (25405) The support for BankNifty is at 25320-25284-25230-25170 and the resistance to the up move is at 25450-25515-25670 levels.
BSE Sensex: (33456) The support for the Sensex is at 33300-33285-33155-33108 and the resistance to the up move is at 33535-33660-33750 levels.
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