Indian Stock Market would open gap positive with 50-100+ points positive for Nifty. Now Nifty and BankNifty would see a sharp positive rally and may enter into positive zone today.
BankNifty would enter into positive zone once it breaches levels of 17465 levels on spot basis.
Traders should go long in the market at this point of time. Technically, BankNifty needs to close above 17850 levels by the end of August 2015 (2 trading session left) to stay in long-term positive zone else a big downfall would be seen that would be much bigger than this one as it would enter into long-term negative zone.
Today, the trade is positive side and one should buy at every dip in the market for today.
FIIs had been a big seller in the market which is a big concern in the Indian Stock market. FIIs were net sellers of whooping Rs.3347.35 crores whereas DIIs were net buyers of Rs.2577.06 crores in last trading session.
Nifty would see strong support at 8927-8864-7770-7725 whereas strong resistance would be seen at 8005-8060-8200 levels.
NSE Nifty: (7949) The support for the Nifty is 8927-8864-7770-7725 and the resistance to the up move is at 8005-8060-8200-8322 levels.
NSE BankNifty: (17214) The support for BankNifty is at 17160-17060-16885 and the resistance to the up move is at 17390-17520-17660-17870 levels.
BSE Sensex: (26231) The support for the Sensex is at 26140-25940-25700 and the resistance to the up move is at 26380-26560-26730-26880 levels.