Indian Market In Positive Trend, Go Long At Every Dip In The Market
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Nifty is forming Inverse Head and Shoulder chart pattern that suggest bullish move and hence traders should hold long positions. EquityPandit also predicted that BankNifty would see sharp breakout once it breaches levels of 27592 and exactly same happened. Indian Stock Market moved sharply positive and BankNifty managed to close above its reversal levels. Finally, Indian Stock Market managed to close gap positive for the day. BankNifty and Sensex closed right at EquityPandit’s predicted resistance levels of 27780 and 37270 respectively, like a dot.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market as a whole has entered into positive zone and now traders should continue to hold long positions in the market. Though Nifty and Sensex has formed a DOJI kind of candlestick patter that suggest reversal but the effect of DOJI would be cancelled once Nifty breaches levels of 11055 with volumes. Market would resume its positive momentum once Nifty breaches 11055 levels. As stated yesterday that Nifty is forming Inverse Head and Shoulder pattern and once it close above the neckline, market would see sharp positive breakout. Overall, every downfall would be an opportunity for traders to go long in the market and traders should continue to hold long positions.
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FIIs were net buyers of Rs.266.89 crores whereas DIIs were net buyers of Rs.1132.42 crores in cash market for last trading session. Nifty would see strong support at 11000-10965-10920-10900 whereas strong resistance would be seen at 11078-11118-11157-11185 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: NIL.
NSE Nifty: (11036) The support for the Nifty is 11000-10965-10920-10900 and the resistance to the up move is at 11078-11118-11157-11185 levels.
NSE BankNifty: (27776) The support for BankNifty is 27635-27565-27450-27340 and the resistance to the up move is at 27820-27880-28000-28035 levels.
BSE Sensex: (37271) The support for the Sensex is 37165-37110-37072-36980 and the resistance to the up move is at 37368-37425-37530-37585-37660 levels.
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