Nifty, Sensex Forms Doji Pattern, Initiate Long Only If Nifty Closes Above 14551

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market will consolidate and traders should not initiate any long positions until Nifty closes above 14551 and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right near EquityPandit’s predicted resistance levels of 48270 for Sensex like a dot. Market sharply fell down from EquityPandit’s predicted resistance levels and finally managed to close negative for the day. Nifty closed right above EquityPandit’s predicted support levels of 14340 like a dot.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in a negative zone. Nifty and Sensex have formed a perfect Doji Candlestick Pattern which suggests indecisiveness. Market would see some short covering (Positive Movement) today but would enter into a positive zone only if it closes above 14551 for Nifty and 32219 for Banknifty. Until then the market would be considered weak and traders should not initiate fresh long positions. Once Nifty and BankNifty close above the reversal levels, traders can initiate fresh long positions in the market.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1360.76 crores whereas DIIs were net buyers of Rs.1695.59 crores in the cash market for the last trading session. Nifty would see strong support at 14270-14215-14110-14025 whereas strong resistance would be seen at 14390-14440-14506-14585-14660 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (14341) The support for the Nifty is 14270-14215-14110-14025 and the resistance to the up move is at 14390-14440-14506-14585-14660 levels.

NSE BankNifty: (31722) The support for BankNifty is 31600-31440-31365-31240 and the resistance to the up move is 31965-32075-32215-32340-32515 levels.

BSE Sensex: (47878) The support for the Sensex is 47715-47540-47380-47110 and the resistance to the up move is at 48075-48270-48380-48515-48608  levels.

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