Nifty Forms Hanging Man Pattern And Would Consolidate For Now, Tata Motors Results Today

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted market may consolidated but is still in positive momentum and traders should continue to hold long positions for now and exactly same happened. Indian Stock Market moved sharply positive after lot of consolidation but saw strong resistance right at EquityPandit’s predicted resistance levels of 11325 for Nifty, 37540 for Sensex and 27880 for BankNifty like a dot. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in positive zone. Now, Nifty and Sensex has formed HANGING MAN Candlestick Pattern that suggest indecisiveness and mostly a reversal. There are chances that market may see some profit booking or may consolidate for time being. Market has already seen sharp rally in last couple of days and some consolidation or sideways movement can’t be ruled out at this point of time. Traders can continue to hold long positions until Nifty holds above 11217 levels on closing basis. Any profit booking would be temporary in nature until 11217 holds for Nifty on closing basis and traders can still hold long positions till then. Tata Motors would disclose its quarterly results today and would affect Indian Stock Market direction for the day.

FIIs were net sellers of Rs.234.04 crores whereas DIIs were net buyers of Rs.48.58 crores in cash market for last trading session. Nifty would see strong support at 11260-11230-11200-11170 whereas strong resistance would be seen 11330-11365-11405 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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Important Q1 results to be disclose today: Ajanta Pharma, Astral Poly Technik, Bank of India, BASF India, BEL, Blue Dart, Castrol India, Dabur India, DCM Shriram, EIH, GSFC, Jagran Prakashan, Mahanagar Gas, Power Grid Corporation, Raymond, Redington India, Supreme Industries, Tata Motors, Tata Motors-DVR, Tech Mahindra, TI Financial, Triveni Turbine, UPL, Vedanta and V-Guard Industries.

Stocks In F&O Ban Period: NIL.

NSE Nifty: (11320) The support for the Nifty is 11260-11230-11200-11170 and the resistance to the up move is at 11330-11365-11405 levels.

NSE BankNifty: (27843) The support for BankNifty is at 27720-27600-27450-27340 and the resistance to the up move is at 27880-28000-28075 levels.

BSE Sensex: (37494) The support for the Sensex is at 37290-37230-37110-37072 and the resistance to the up move is at 37540-37660-37740-37880 levels.

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