Indian Stock Market would open gap negative with 50-100 points for Nifty.
Indian Stock Market has entered into negative zone and traders should go short at every positive movement in the market. Today, a big downfall can be seen in the market.
All indices including Nifty, BankNifty and Sensex are forming a descending triangle pattern (bearish pattern) that would be confirmed once Nifty breaches levels of 8315 levels on closing basis. If this happens than Indian Stock Market would see a sharp breakdown and a sharp fall would be seen that may take market near to 8100 levels for Nifty and 17000 levels for BankNifty.
Now Some positive news from government can only save market from a big downfall.
Traders should consider 8320-8315 levels as important levels below which market would see a further sharp breakdown.
ICICI Bank is holding 300 levels for now as continuous buying is seen at lower levels in this stock and once it closes below 295 levels, a sharp downfall in BankNifty is intact.
FIIs were net sellers of Rs.1007.26 crores whereas DIIs were net buyers of Rs.567.87 crores in last trading session.
Nifty would see strong support at 8315-8286-8226-8180 whereas strong resistance would be seen at 8433-8450-8505 levels.
NSE Nifty: (8372) The support for the Nifty is 8315-8286-8226-8180 and the resistance to the up move is at 8433-8450-8505 levels.
NSE BankNifty: (18283) The support for BankNifty is at 18034-17930-17800-17600 and the resistance to the up move is at 18450-18500-18720 levels.
BSE Sensex: (27607) The support for the Sensex is at 27475-27400-27350-27200-27000 and the resistance to the up move is at 27720-27800-27885-27970 levels.