Market To Bounce On Doji Formation Despite US-China Deal Reaches Deadline

Last Trading Session: Indian Stock Market opened negative as per EquityPandit’s predictions. EquityPandit predicted that market is still bearish for now. EquityPandit also predicted that traders can continue to hold short positions for now and exactly same happened. Indian Stock Market moved sharply negative and finally, managed to close gap negative for the day.

Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in negative zone. Nifty has broken its nearest support of 11311. The reason of this downfall is more of global than local. US has warned China to increase the tariff to 25% if the deal is not made latest by Friday and today is the D-day. Major decision may be taken tonight and traders are suggested either not to take heavy positions home or else they should hedge the positions appropriately. We may see either side gap opening on Monday. For intraday, market would see some recovery as it has formed DOJI candlestick pattern in last trading session. Interestingly, Chinese Vice Primer Liu He has also reached Washington, though he cannot take any decision that could strike a deal due to diminished authority. Technically, for now market has achieved its Head & Shoulder Pattern targets and should recover now but 29400 is important weekly closing level required for BankNifty to see a bullish move.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.655.36 crores whereas DIIs were net buyers of Rs.677.91 crores in cash market for last trading session. Nifty would see strong support at 11274-11235-11165-11125 whereas strong resistance would be seen 11355-11385-11430-11495 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Results To Be Declared Today: Allahabad Bank, Canara Bank, Dilip Buildcon, Eicher Motors, Equitas Holdings, GlaxoSmithkline Consumer Healthcare, IDFC First Bank, Kajaria Ceramics, Larsen & Toubro, Merck, NOCIL, Oberoi Realty, Prism Johnson, PVR, Relaxo Footwears, State Bank Of India, Strides Pharma Science, Syndicate Bank, Tata Investment Corporation, Venkys India Ltd, V-Mart Retail Ltd.

Stocks In F&O Ban Period: JETAIRWAYS.

NSE Nifty: (11302) The support for the Nifty is 11274-11235-11165-11125 and the resistance to the up move is at 11355-11385-11430-11495 levels.

NSE BankNifty: (28885) The support for BankNifty is at 28820-28740-28600-28500 and the resistance to the up move is at 28940-29075-29130-29180-29270 levels.

BSE Sensex: (37559) The support for the Sensex is at 37365-37290-37230-37110 and the resistance to the up move is at 37660-37740-37880-37910 levels.

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