Indian Stock Market would open gap positive. Technically, Analysis would still remain same until Nifty breaches levels of 7700 for the negative side or 7880 on the positive side by closing.
Indian Stock Market is still into positive trend and we may see further short covering in expectation of RBI rate cut.
Today US Fed would provide clarity on Interest Rates and this would direct the Indian Stock Market on Fridayas we have holiday on Thursday for Ganesh Chaturthi.
Today, traders should book profits in their long positions as market would see positive movement. We could see gap positive or gap negative opening on Friday based on Fed meeting outcome. Breaching levels of 7880 would force Nifty to move towards 8000 levels whereas if levels of 7700 is breached in negative region then market would see new lows in upcoming days.
FIIs were again net sellers of Rs.910.85 crores whereas DIIs were net buyers of Rs.480.50 crores in last trading session.
Nifty would see strong support at 7800-7765-7700-7665 whereas strong resistance would be seen at 7880-7910-7930-7962 levels.
NSE Nifty: (7829) The support for the Nifty is 7800-7765-7700-7665 and the resistance to the up move is at 7880-7910-7930-7962 levels.
NSE BankNifty: (16740) The support for BankNifty is at 16680-16500-16300-16200 and the resistance to the up move is at 16920-17060-17172-17269 levels.
BSE Sensex: (25706) The support for the Sensex is at 25671-25500-25395 and the resistance to the up move is at 25920-26011-26150-26302 levels.