Market Forms Doji, Traders Should Wait For 10945-11085 Range Breakout For Nifty
Last Trading Session: Indian Stock Market opened negative as predicted. EquityPandit predicted that Indian Stock Market would react to the attack on Saudi oil plant and profit booking would be seen. EquityPandit also predicted that traders can book profits in long positions and could enter again at lower levels and exactly same happened. Indian Stock Market moved sharply negative for the day and finally, recovered a bit to close just above EquityPandit’s predicted support levels of 11000 for Nifty.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Now Nifty and BankNifty have developed DOJI kind of pattern and that suggest indecisiveness. Now trade above 11085 for Nifty would force market to breach the Neckline resistance of Inverse Head and Shoulder and would force market to see breakout but a close below 10945 for Nifty would force market to see sharp downfall in upcoming sessions. Geo-political tensions due to attack on Saudi Oil Plants would weight across the global market and we may see further downfall. Traders should sit with cash in hand for now and trade only once market breaches the range of 10945-11085 for Nifty on either side.
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FIIs were net sellers of Rs.751.26 crores whereas DIIs were net buyers of Rs.308.56 crores in cash market for last trading session. Nifty would see strong support at 10980-10947-10900-10840 whereas strong resistance would be seen at 11025-11085-11110-11139 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: (11004) The support for the Nifty is 10980-10947-10900-10840 and the resistance to the up move is at 11025-11085-11110-11139 levels.
NSE BankNifty: (27855) The support for BankNifty is 27760-27635-27565-27450 and the resistance to the up move is 28000-28035-28180-28275 levels.
BSE Sensex: (37123) The support for the Sensex is 37072-36950-36850-36814 and the resistance to the up move is at 37270-37368-37435-37500 levels.
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