Market To Bounce On Doji But Initiate Long Only If Nifty Closes Above 11973
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market has entered into negative zone and traders can go short at rally. Indian Stock Market saw sharp negative movement but recovered right from EquityPandit’s predicted support levels of 30622 for BankNifty like a dot. Market recovered in the later half and saw highs right at EquityPandit’s predicted resistance levels of 31145 for BankNifty and 39707 for Sensex like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone but has formed Dragonfly Doji type of candlestick pattern for Nifty and Hammer candlestick pattern for BankNifty. Both these pattern suggest reversal and hence some positive rally would be seen in the market. But overall market is still in negative zone until it closes above 11973 for Nifty and 31411 for BankNifty. Traders can initiate fresh long positions once market closes above these levels but until then traders should remain cautious and go short at positive rally near EquityPandit’s predicted resistance levels.
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FIIs were net sellers of Rs.478.84 crores whereas DIIs were net buyers of Rs.179.79 crores in cash market for last trading session. Nifty would see strong support at 11800-11748-11700-11655 whereas strong resistance would be seen 11900-11975-12041-12083 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: DHFL, IDBI and PCJEWELLER.
NSE Nifty: (11871) The support for the Nifty is 11800-11748-11700-11655 and the resistance to the up move is at 11900-11975-12041-12083 levels.
NSE BankNifty: (31067) The support for BankNifty is at 30984-30920-30865-30815-30700 and the resistance to the up move is at 31200-31270-31340-31405-31455 levels.
BSE Sensex: (39616) The support for the Sensex is at 39565-39405-39375-39240 and the resistance to the up move is at 39707-39815-39880-39945 levels.
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