Market Forms Bearish Engulfing Candlestick Pattern, Go Short If Nifty Closes Below 11580
Last Trading Session: Indian Stock Market opened flat with positive bias as predicted. EquityPandit predicted that traders should initiate fresh short positions only if Nifty closes below 11604. Indian Stock Market moved negative and bulls were not able to hold the market. Market saw lows right at our support of 29721 for BankNifty. Finally, Indian Stock Market closed negative for the day. Market closed right above EquityPandit’s predicted support levels of 11600 for Nifty and 38700 for Sensex like a dot.
Today: Indian Stock Market would open flat. Technically, Nifty is still in positive zone but BankNifty is in negative zone. Nifty would enter into negative zone once it closes below 11580 spot levels. If Nifty manages to close below these levels then we would see sharp downfall in the market in days to come. Bearish Engulfing Candlestick Pattern has been formed in all Nifty, Sensex and BankNifty that suggests that market would see sharp downfall if it breaches yesterday’s lows. Traders can initiate fresh short positions in Nifty and BankNifty if market closes below 11580 for Nifty.
FIIs were net buyers of Rs.329.60 crores whereas DIIs were net sellers of Rs.623.81 crores in cash market for last trading session. Nifty would see strong support at 11570-11498-11450 whereas strong resistance would be seen 11630-11700-11730-11760 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: ADANIPOWER, DLF, IDBI, JETAIRWAYS, PCJEWELLER, RPOWER and WOCKPHARMA.
NSE Nifty: (11598) The support for the Nifty is 11570-11498-11450 and the resistance to the up move is at 11630-11700-11730-11760 levels.
NSE BankNifty: (29845) The support for BankNifty is at 29721-29650-29545-29400 and the resistance to the up move is at 30027-30075-30140-30270 levels.
BSE Sensex: (38701) The support for the Sensex is at 38540-38445-38340-38265-38227 and the resistance to the up move is at 38800-38950-39027-39115 levels.
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