Indian Stock Market would open gap negative. Analysis would remain same.
Market is still in negative zone and further downfall is intact. Breaching yesterday’s low i.e. 7667 for Nifty and 16670 for BankNifty would force market to see sharp downfall and levels of 7500 for Nifty and 16000 for BankNifty could be seen in days to come.
BankNifty would enter in positive zone only once it closes above 18490. Till then market would be considered weak.
Once BankNifty closes above 18490 levels, we could see sharp short covering rally to fill up the gaps in the market.
Technically, few opening gaps has been seen in 3 days fall and in ideal situation, market or any stock fills up the gap in some days hence some short covering could be seen.
FIIs were net sellers of whooping Rs.2080.01 crores whereas DIIs were net buyers of Rs.1963.09 crores in last trading session.
Nifty would see strong support at 7725-7630-7576-7500 whereas strong resistance would be seen at 7960-8005-8060-8200 levels.
NSE Nifty: (7881) The support for the Nifty is 7725-7630-7576-7500 and the resistance to the up move is at 7960-8005-8060-8200 levels.
NSE BankNifty: (17193) The support for BankNifty is at 16670-16560-16300-16157 and the resistance to the up move is at 17390-17520-17660-17870 levels.
BSE Sensex: (26032) The support for the Sensex is at 25916-25526-25232-25000 and the resistance to the up move is at 26380-26560-26730-26880 levels.