Indian Stock Market would open positive. Technically, Nifty is in negative trend whereas BankNifty is in positive trend as of now.
Nifty would enter into positive zone once it breaches levels of 7931 by closing whereas BankNifty would enter into negative trend once it breaches levels of 16953 by closing.
So, traders should wait for either of two to happen. If Nifty breaches levels of 7931 on the positive side then traders can undoubtedly take long positions in BankNifty or Nifty but If BankNifty breaches levels of 16953 by closing then we would see new 52 week lows in Nifty and BankNifty and traders should go short in that case. For now, trend looks positive for Indian Stock Market.
FIIs were net sellers of Rs.1112.59 crores whereas DIIs were net buyers of Rs.876.20 crores in last trading session.
Nifty would see strong support at 7785-7736-7678-7625 whereas strong resistance would be seen at 7895-7930-8000-8021 levels.
NSE Nifty: (7843) The support for the Nifty is 7785-7736-7678-7625 and the resistance to the up move is at 7895-7930-8000-8021 levels.
NSE BankNifty: (17281) The support for BankNifty is at 16953-16875-16780-16680 and the resistance to the up move is at 17354-17570-17660-17850 levels.
BSE Sensex: (25779) The support for the Sensex is at 25530-25395-25287-25118 and the resistance to the up move is at 25820-25950-26040-26340 levels.