Nifty Forms Doji But Go Long At Every Dip Until It Holds Above 11183

Last Trading Session: Indian Stock Market opened positive for the day. Indian Stock Market moved sharply positive and managed to close above EquityPandit’s predicted reversal levels of 11335 for Nifty. BankNifty saw highs right at EquityPandit’s predicted resistance levels of 28545 like a dot. Finally, Indian Stock Market managed to close positive for the day.

Today: Indian Stock Market would open positive. Technically, BankNifty was already in positive zone and now, Nifty has also entered into positive zone. Now market would consider bullish until it holds above 11183 levels for Nifty and 27408 levels for BankNifty. Though Nifty has formed Doji Candlestick pattern yesterday that suggest some profit booking and further selling may seen if Nifty breaches 11290 for Nifty but traders are suggested to go long at dips until Nifty holds above 11183 levels. Overall market is bullish and every downfall would be an opportunity for traders to go long until market trades above EquityPandit’s predicted reversal levels.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.895.63 crores whereas DIIs were net sellers of Rs.425.15 crores in cash market for last trading session. Nifty would see strong support at 11311-11274-11235-11165 whereas strong resistance would be seen at 11390-11430-11450-11480 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: Acc Ltd, Karnataka Bank Ltd, MCX, Network 18 Media, SBI Life Insurance, TV18 Broadcast and Wipro.

NSE Nifty: (11341) The support for the Nifty is 11311-11274-11235-11165 and the resistance to the up move is at 11390-11430-11450-11480 levels.

NSE BankNifty: (28182) The support for BankNifty is 28035-27960-27840-27760 and the resistance to the up move is 28275-28360-28545 levels.

BSE Sensex: (38214) The support for the Sensex is 38140-38085-38956-37820 and the resistance to the up move is at 38370-38402-38487-38565-38700 levels.

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