Market Forms Doji Pattern, Hold Long Positions Until Nifty Holds Above 11503

Last Trading Session: Indian Stock Market opened flat exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market still bullish until Nifty holds above 11503 levels and traders should continue to hold long positions for now and exactly same happened. Indian Stock Market saw some profit booking as predicted and saw lows right at EquityPandit’s predicted support levels of 38870 for Sensex. Market recovered sharply from there and finally managed to close positive for the day. Sensex closed right near EquityPandit’s predicted resistance levels of 39055.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone. Analysis would remain same and market would enter into negative zone only if it closes below 11503 for Nifty and 28855 for BankNifty. Indian Stock Market would consolidate for now. Nifty has formed DOJI Candlestick Pattern yesterday and hence market needs to breach the range of 11550-11662 to confirm the further direction for swing trades. Nifty is also forming Cup and Handle Chart Pattern that suggest that market would see sharp breakout once it closes above 11715 for Nifty. Traders should initiate short positions only if Nifty closes below 11503 levels but until then market is bullish and every downfall should be an opportunity to go long for now.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.213.23 crores whereas DIIs were net sellers of Rs.137.38 crores in cash market for last trading session. Nifty would see strong support at 11515-11498-11450-11412 whereas strong resistance would be seen at 11630-11682-11700-11730 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 Disclosed Today: Alembic Pharmaceuticals, Astral Poly Technik, Bandhan Bank, Colgate-Palmolive, Cummins India, DCM Shriram, Deepak Nitrite, Gujarat Pipavav Port, GSFC, IDFC First Bank, Indian Energy Exchange, Interglobe Aviation, ITC, Johnson Controls-Hitachi Air Condition, KPR Mill, Maruti Suzuki, Motilal Oswal Financial Services, Parag Milk Foods, PNB Housing Finance, Raymond, Reliance Nippon Life Asset Management, Shriram Transport Finance, Sterlite Technologies and Westlite Developement.

NSE Nifty: (11604) The support for the Nifty is 11515-11498-11450-11412 and the resistance to the up move is at 11630-11682-11700-11730 levels.

NSE BankNifty: (29460) The support for BankNifty is 29360-29240-29110 and the resistance to the up move is 29565-29700-29788-29880 levels.

BSE Sensex: (39059) The support for the Sensex is 38920-38870-38800-38747 and the resistance to the up move is at 39115-39240-39380-39470 levels.

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