Nifty Forms Doji, Initiate Short Only If It Closes Below 10638 But Until Then Hold Long

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that the market would see profit booking but traders should not initiate short positions until Nifty closes below 10638 and exactly the same happened. Indian Stock Market moved positively but was not able to sustain higher levels and as predicted saw sharp profit booking from there. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in the positive zone. Analysis would remain the same. Market would enter into a negative zone only if it closes below 10638 for Nifty and 22305 for BankNifty but until then the market would be considered bullish. Market consolidating in a rangebound region of 10638-10850 for Nifty. Breakout from this range would force the market in that direction. Nifty and Sensex have formed the DOJI Candlestick pattern. If the market closes below 10638 for Nifty and 22305 for BankNifty then traders should close all long positions and initiate fresh short positions but until then, traders should continue to hold long positions in the market. If Nifty manages to breach 10850 then it would resume its positive trend.

EquityPandit Turns 15

EquityPandit is celebrating 15 years of Research Excellence. We Thank You all for helping us reach this Milestone.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1031 crores whereas DIIs were net sellers of Rs.431.21 crores in the cash market for the last trading session. Nifty would see strong support at 10715-10685-10600-10540  whereas strong resistance would be seen at at 10835-10880-10945-10980 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (10768) The support for the Nifty is 10715-10685-10600-10540 and the resistance to the up move is at 10835-10880-10945-10980.

NSE BankNifty: (22398) The support for BankNifty is 22300-22075-21925-21815-21675 and the resistance to the up move is 22545-22745-22850-23080.

BSE Sensex: (36594) The support for the Sensex 36480-36370-36245-36075 and the resistance to the up move is at 36750-36888-37037-37110 levels.

Note:  If you wish to subscribe for premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services