Indian Stock Market would open gap negative. Now market has entered into negative region as told yesterday and traders can go for short selling at every upmove in the market.
Nifty is capped at 8556 levels on the positive side whereas downside is open. Traders can go short in BankNifty for higher profits as BankNifty has also entered into short-term negative trend.
Some short covering would definitely be seen in the market but every positive movement would be an opportunity for traders to go for short-selling in the market.
FIIs were net sellers of Rs.736.81 crores whereas DIIs were net buyers of Rs.130.74 crores in last trading session.
Nifty would see strong support at 8410-8380-8350-8286 whereas strong resistance would be seen at 8505-8530-8560-8616 levels.
Important Results To Be Declared Today: ABIRLANUVO, ALEMBICLTD, ANANTRAJ, ASHOKLEY, AUROPHARMA, BALRAMCHIN, CADILAHC, COALINDIA, DHANBANK, DHANUKA, GESHIP, GOODYEAR, HONDAPOWER, HOTELEELA, IDBI, INDHOTEL, INDIACEM, JINDALSTEL, MAHABANK, MAX, MERCK, MOIL, NATCOPHARM, OIL, RELINFRA, SCI, TIMKEN, VOLTAS, VSTIND, WHEELS, WONDERLA and ZICOM.
NSE Nifty: (8462) The support for the Nifty is 8410-8380-8350-8286 and the resistance to the up move is at 8505-8530-8560-8616 levels.
NSE BankNifty: (18617) The support for BankNifty is at 18475-18400-18187 and the resistance to the up move is at 18720-18920-19110 levels.
BSE Sensex: (27866) The support for the Sensex is at 27700-27635-27529 and the resistance to the up move is at 28020-28124-28215 levels.