Positive Movement After Couple of Downtrends

Indian Stock Market would open positive. Today, market would see some positive movement after couple of downtrends but it would be temporary in nature.

Market would not be considered as bullish until it closes above 8090 levels. Breaching 8090 levels would develop a double bottom pattern that is bullish in nature and would force market to see 8400 levels.

For now, Indian Stock Market is still in negative zone where last support lies at 7665 levels, breaching which a further sharp downfall would be seen in the market.

And Target for BankNifty of 15950-15500 levels are near to achieve. Overall, the trade is in negative direction and traders should go short at every positive movement in the market.

FIIs were net sellers of Rs.1573.42 crores whereas DIIs were net buyers of Rs.880.27 crores in last trading session.

Nifty would see strong support at 7665-7576-7500 whereas strong resistance would be seen at 7880-7910-8000-8060-8105 levels.

NSE Nifty: (7717) The support for the Nifty is 7665-7576-7500 and the resistance to the up move is at 7880-7910-8000-8060-8105 levels.

NSE BankNifty: (16253) The support for BankNifty is at 15950-15800-15500 and the resistance to the up move is at 16580-16740-16911 levels.

BSE Sensex: (25454) The support for the Sensex is at 25395-25232-25020-24890 and the resistance to the up move is at 25880-26011-26150 levels.