Nifty Forms Doji, Bearish Only If Close Below 12129 But Until Then Hold Long

Last Trading Session: Indian Stock Market opened gap positive for the day. Indian Stock Market moved sharply positive and saw record highs right at EquityPandit’s predicted resistance levels of 12310 like a dot. Market saw sharp profit booking for the day and finally closed marginally positive.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone. Market would enter into negative zone only if it closes below 12129 for Nifty and 31630 for BankNifty. Though some profit booking would be seen in the market as it has formed DOJI candlestick Pattern but overall market is positive and traders should initiate fresh short positions only if market closes below 12129 for Nifty and 31630 for BankNifty. For now traders should continue to hold long positions in the market.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.578.28 crores whereas DIIs were net sellers of Rs.251.74 crores in cash market for last trading session. Nifty would see strong support at 12200-12165-12125 whereas strong resistance would be seen at 12285-12310-12340 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (12257) The support for the Nifty is 12200-12165-12125 and the resistance to the up move is at 12285-12310-12340 levels.

NSE BankNifty: (32097) The support for BankNifty is 32035-31975-31820-31730 and the resistance to the up move is 32180-32240-32365-32500 levels.

BSE Sensex: (41600) The support for the Sensex is 41440-41350-41270-41180 and the resistance to the up move is at 41660-41740-41800-41880 levels.

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