Market To See Positive Rally On Doji Formation, Bullish Above 11810 For Nifty
Last Trading Session: Indian Stock Market opened positive for the day as predicted. EquityPandit predicted that market would see some short covering but market would be considered bullish only above 11877 for Nifty. Nifty moved sharply positive but saw highs right at EquityPandit’s predicted resistance levels of 11730 like a dot. Finally, Indian Stock Market closed positive on the account of short covering.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Analysis would remain same and market would see further short covering rally but market would be considered bullish only if it closes above 11810 for Nifty and 30861 for BankNifty. Nifty has formed DOJI candlestick pattern yesterday and would see sharp positive rally today. Market would see positive movement today. Once market closes above these levels, traders can take long position home.
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FIIs were net buyers of Rs.31.73 crores whereas DIIs were net buyers of Rs.181.03 crores in cash market for last trading session. Nifty would see strong support at 11630-11600-11570-11498 whereas strong resistance would be seen 11730-11770-11810 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, JETAIRWAYS, PCJEWELLER and RELCAPITAL.
NSE Nifty: (11692) The support for the Nifty is 11630-11600-11570-11498 and the resistance to the up move is at 11730-11770-11810 levels.
NSE BankNifty: (30406) The support for BankNifty is at 30325-30240-30140-30025 and the resistance to the up move is at 30465-30515-30660 levels.
BSE Sensex: (39046) The support for the Sensex is at 38965-38870-38800-38747 and the resistance to the up move is at 39115-39240-39380 levels.
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