Indian Stock Market Forms Classic DOJI Pattern, Profit Booking To Be Seen
Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market entered into positive zone and traders can either continue to hold long positions or can go long at every dip in the market and exactly same happened. Nifty and Sensex saw strong resistance near EquityPandit’s predicted resistance levels of 10200 and 33380 respectively. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone. Today is the last trading session of the March series and the current financial year. Today, market would see high volatility on F&O Expiry. Indian Stock Market would be considered bullish until it holds 10047 for Nifty and 24030 for BankNifty on closing basis though some sharp profit booking would be seen today. Indian Stock Market has formed classic DOJI candlestick pattern that suggests indecisiveness and normally a reversal is seen in that case. Market would see sharp positive movement only if it managed to breach 10208 levels for Nifty and 24500 levels for BankNifty whereas sharp profit booking would be seen in the market if it breaches 10139 for Nifty and 24266 for BankNifty on the downside. Traders should remain cautious today and no position should be taken home due to long weekend.
FIIs were net buyers of Rs.1063.12 crores whereas DIIs were net buyers of Rs.2172.91 crores in cash market for last trading session. Nifty would see strong support at 10138-10090-10047-10020 whereas strong resistance would be seen 10208-10226-10275-10309 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
Stocks In F&O Ban Period: BALRAMCHIN, GMRINFRA, IFCI and JPASSOCIAT.
NSE Nifty: (10184) The support for the Nifty is 10138-10090-10047-10020 and the resistance to the up move is at 10208-10226-10275-10309 levels.
NSE BankNifty: (24434) The support for BankNifty is at 24360-24270-24150-24050 and the resistance to the up move is at 24500-24584-24730-24880 levels.
BSE Sensex: (33174) The support for the Sensex is at 33070-32914-32800-32670 and the resistance to the up move is at 33240-33345-33420-33506 levels.
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