Market Still In Consolidation, Nifty Forms DOJI And Would See Rally If 11371 Breached
Last Trading Session: Indian Stock Market opened negative exactly as predicted. EquityPandit predicted that Nifty and BankNifty both have entered into negative zone and traders can go short at every rally in the market and exactly same happened. Indian Stock opened negative and moved sharply positive but was not able to sustain higher levels as predicted by EquityPandit. Market fell down sharply to see lows of 37956 for Sensex like a dot. Traders who followed EquityPandit’s advice to go short at every rally might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in negative zone. Market would continue to consolidate for now. Nifty has formed Doji Pattern that suggest that if Nifty manages to breach levels of 11371 then it would see sharp positive movement. DOJI pattern is an indecisive pattern and normally a sign of reversal but next day movement is important to confirm the trend. If Nifty manages to breach 11255 then we would see further downfall towards 11140 for Nifty. RBI would disclose its monetary policy today and it would affect the direction of Indian Stock Market for the day.
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FIIs were net sellers of Rs.810.72 crores whereas DIIs were net buyers of Rs.862.54 crores in cash market for last trading session. Nifty would see strong support at 11300-11274-11235-11165 whereas strong resistance would be seen at 11390-11430-11455-11480 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (11314) The support for the Nifty is 11300-11274-11235-11165 and the resistance to the up move is at 11390-11430-11455-11480 levels.
NSE BankNifty: (28414) The support for BankNifty is 28250-28170-28085-28000 and the resistance to the up move is 28500-28600-28660-28740 levels.
BSE Sensex: (38107) The support for the Sensex is 38035-37956-37880-37820-37740 and the resistance to the up move is at 38170-38254-38370-38402 levels.
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