Let 7780 be Stop loss for Nifty Short Positions

Indian Stock Market would open flat with positive bias. 

Today, PM Narendra Modi has called up a meeting with Indian Business Leaders with RBI Governer Raghuram Rajan to discuss global economic scenario. We have to wait and see what is the outcome of this meeting. 

Some bounce back can be seen but technically, downfall is intact. Next target for Bank Nifty is 15500 levels and for Nifty is 7500. Breaching levels of 7500 levels for Nifty would force it to see 7320-7200 in next couple of days. 

Traders should still continue to hold short until 7780 is breached on positive side, as there are no signs of market recovery as of now rather things are getting worser on global front. Adding to this, FIIs are continuing with the bigtime outflows. DIIs have been saving the market for sometime but would not be able to hold it longer. 

FIIs were net sellers of Rs.826.92 crores whereas DIIs were net buyers of Rs.504.11 crores in last trading session. 

Nifty would see strong support at 7500-7465-7367-7320 whereas strong resistance would be seen at 7660-7780-7800 levels.

NSE Nifty: (7559) The support for the Nifty is 7500-7465-7367-7320 and the resistance to the up move is at 7660-7780-7800 levels.

NSE BankNifty: (15790) The support for BankNifty is at 15688-15500-15400-15068 and the resistance to the up move is at 15900-16135-16260-16500 levels.

BSE Sensex: (24894) The support for the Sensex is at 24770-24644-24500-24270 and the resistance to the up move is at 25005-25220-25350-25570 levels.