Nifty Forms DOJI Suggesting Indecisiveness, Go Long Only If It Closes Above 9941
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that further downfall would be seen in the market and traders should hold short positions for now. EquityPandit also predicted that downfall is open upto 9800 levels for Nifty where its next support exists and exactly same happened. Indian Stock Market fell down sharply and saw lows at 9813 for Nifty near its support and rebounded from there. BankNifty also saw lows right near EquityPandit’s predicted support levels of 24015 like a dot. Finally, bulls managed to recover the index fully and closed flat for the day.
Today: Indian Stock Market to open flat with positive bias. Technically, Indian Stock Market is still in negative zone. Indian Stock Market rebounded from day lows in last trading session and bulls were able to take the index near its opening levels forming a DOJI candlestick pattern. This suggest a strong fight between bulls and bears, creating indecisiveness in the trend. Now, Nifty needs to close above 9941 levels to again resume its positive trend but until then bears would have an upper hand. Market would see some relief rally (positive movement) after 6 days of continuous downfall but if Nifty is not able to hold above 9892 levels in next trading session then further downfall would be seen that may take market near to 9785-9740 levels in days to come. Once Market closes above 9941 levels for Nifty and 24361 levels for BankNifty then traders can close all short positions and initiate fresh long positions but until then traders should remain cautious.
FIIs were net sellers of Rs.1915.54 crores whereas DIIs were net buyers of Rs.1537.10 crores in cash market for last trading session. Nifty would see strong support at 9812-9785-9740 whereas strong resistance would be seen at 9892-9918-9931-9950 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Stocks In F&O Ban Period: BEML, DHFL, DLF, IBREALEST, ICIL, JPASSOCIAT, JSWENERGY, RCOM and RELCAPITAL.
NSE Nifty: (9872) The support for the Nifty is 9812-9785-9740 and the resistance to the up move is at 9892-9918-9931-9950 levels.
NSE BankNifty: (24199) The support for BankNifty is at 24090-24015-23940-23880 and the resistance to the up move is at 24270-24336-24380 levels.
BSE Sensex: (31600) The support for the Sensex is at 31524-31455-31420-31340 and the resistance to the up move is at 31756-31810-31860-31938 levels.
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