Market Bullish Only If Nifty Closes Above 11973, Until Then Go Short At Rally

Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that market would bounce but traders can go short at every positive rally near EquityPandit’s predicted resistance levels and exactly same happened. Market moved sharply positive but saw highs right at EquityPandit’s predicted resistance levels of 11975 for Nifty like a dot. Market saw sharp downfall from there. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed positive for the day but BankNifty closed negative for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Nifty and Sensex have again formed DOJI candlestick pattern and suggest indecisiveness. Traders are suggested to initiate fresh long positions only if market closes above 11973 for Nifty and 31411 for BankNifty but until then market is still a sell on every positive rally. Nifty is forming a Triangle Chart Pattern and breakout in either side of the Triangle would decide the further direction of the market and hence traders should remain cautious.

Nifty:

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FIIs were net buyers of Rs.216.20 crores whereas DIIs were net buyers of Rs.170.62 crores in cash market for last trading session. Nifty would see strong support at 11875-11850-11800-11748 whereas strong resistance would be seen 11975-12041-12083 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Stocks In F&O Ban Period: DHFL, IDBI, PCJEWELLER, RELCAPITAL.

NSE Nifty: (11923) The support for the Nifty is 11875-11850-11800-11748 and the resistance to the up move is at 11975-12041-12083 levels.

NSE BankNifty: (31034) The support for BankNifty is at 30920-30865-30815-30700 and the resistance to the up move is at 31200-31270-31340-31405-31455 levels.

BSE Sensex: (39785) The support for the Sensex is at 39660-39620-39565-39405 and the resistance to the up move is at 39815-39880-39945-40035 levels.

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