Nifty Forms DOJI Pattern, Book Profits Below 9959, Until Then Hold Long

Last Trading Session: Indian Stock Market opened flat and moved negative immediately after opening as predicted by EquityPandit. Nifty saw lows at 9959 and recovered from the lows. EquityPandit predicted that market is still in positive zone and traders should go long at every dip in the market and exactly same happened. Indian Stock Market recovered smartly from day lows and saw highs above 10000 mark for Nifty. Finally, Indian Stock Market closed almost flat just below EquityPandit’s predicted resistance levels of 9990 like a dot.

Today: Indian Stock Market to open flat. Technically, Indian Stock Market is still in positive zone. Nifty has formed a DOJI candlestick pattern during its upmove which is an indecisive pattern. Normally, a formation of DOJI during an upmove indicates the pause in the trend but traders are suggested to wait for confirmation. If Nifty breaches lows of yesterday’s trading session which was 9959 levels for Nifty, then some sharp profit booking can be seen in the market. If Nifty breaches 9959 then traders are suggested to book profits in their long positions and initiate short positions for intraday trading. Breaching levels of 10016 for Nifty on spot basis would infuse further buying in the market. Nifty looks to consolidate in the range at higher levels before breaching these levels on positive direction.

FIIs were net sellers of Rs.475.11 crores whereas DIIs were net buyers of Rs.55.42 crores in cash market for last trading session. Nifty would see strong support at 9945-9900-9880-9860 whereas strong resistance would be seen at 9990-10028-10098-10115 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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Stocks In F&O Ban Period: BEML, DHFL, IBREALEST, JPASSOCIAT, JSWENERGY, RCOM and RELCAPITAL.

Corporate Earnings To Be Disclosed Today: South Indian Bank.

NSE Nifty: (9989) The support for the Nifty is 9945-9900-9880-9860 and the resistance to the up move is at 9990-10028-10098-10115 levels.

NSE BankNifty: (24252) The support for BankNifty is at 24130-24075-24000-23947 and the resistance to the up move is at 24350-24422-24462 levels.

BSE Sensex: (31847) The support for the Sensex is at 31780-31718-31660-31500 and the resistance to the up move is at 31885-31950-32060-32180 levels.

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