Nifty Forms DOJI Pattern, Wait For Confirmation Before Taking Further Trades
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that Indian Stock Market is still in negative zone and traders can continue to hold short positions until Nifty holds below 10221 levels. Indian Stock Market moved sharply negative but recovered from there to close flat for the day. Sensex fell down sharply to see strong support near EquityPandit’s predicted support levels of 32670 and then recover sharply to see resistance near EquityPandit’s predicted resistance levels of 32880.
Today: Indian Stock Market would open negative for the day. Technically, Indian Stock Market is still in negative zone. Nifty and Sensex has formed DOJI candlestick pattern that suggest indecisiveness. So, this means that if Nifty doesn’t breach 10065 spot levels in upcoming sessions then we would see reversal from here. Closing above 10150 would suggest that market would again see recovery from here. But Market would see reversal only if it closes above 10194 for Nifty and 25327 for BankNifty spot levels. Traders can now wait for now until Nifty closes out of the range of 10065-10150 and take the positions accordingly. Trading above 10150 for Nifty would induce further buying in the market and recovery would be seen whereas trading below 10065 for Nifty spot levels would induce huge selling and sharp downfall would be seen in that case. So for now, traders can hold short positions until Nifty closes above 10150. Short positions should be exited only if Nifty manages to close above 10150 spot levels but fresh long should be initiated only if Nifty manages to close above 10194 levels.
FIIs were net sellers of Rs.1470.56 crores whereas DIIs were net buyers of Rs.1074.39 crores in cash market for last trading session. Nifty would see strong support at 10094-10050-10013-9992 whereas strong resistance would be seen at 10150-10194-10230-10252 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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NSE Nifty: (10118) The support for the Nifty is 10094-10050-10013-9992 and the resistance to the up move is at 10150-10194-10230-10252 levels.
NSE BankNifty: (25125) The support for BankNifty is at 25000-24900-24800 and the resistance to the up move is at 25285-25400-25470-25560 levels.
BSE Sensex: (32802) The support for the Sensex is at 32670-32600-32500-32380 and the resistance to the up move is at 32895-32950-33060-33118 levels.
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