Indian Stock Market would open gap positive. Technically, Nifty, Bank Nifty and Sensex has confirmed Inverse Head & Shoulder Pattern that is bullish in nature.
The next target for Nifty is 8207 and 8350. BankNifty can see levels of 17850 and 18220 levels in days to come. Market would now cover all the gaps that it has made in downtrend. Traders should undoubtedly continue with long positions for given targets.
FIIs were net buyers of Rs.649.90 crores whereas DIIs were net buyers of Rs.365.77 crores in last trading session.
Nifty would see strong support at 8050-8005-7980 whereas strong resistance would be seen at 8207-8230-8297-8350 levels.
NSE Nifty: (8119) The support for the Nifty is 8050-8005-7980 and the resistance to the up move is at 8207-8230-8297-8350 levels.
NSE BankNifty: (17674) The support for BankNifty is at 17520-17365 and the resistance to the up move is at 17850-18120-18220 levels.
BSE Sensex: (26786) The support for the Sensex is at 26660-26580-26375 and the resistance to the up move is at 26983-27140-27445-27565 levels.