Indian Stock Market would open positive. Indian Stock Market is in positive zone.
Indian Stock Market and especially BankNifty is holding current levels in expectation of RBI cutting the key rates in upcoming days. If rate cut is seen by RBI, then sharp positive movement would be seen in BankNifty.
Traders are suggested to go long in BankNifty at every dip in the market for now. Market will fall down sharply if no rate cut is seen in upcoming days.
Traders should note that Medium-term trend of BankNifty is negative and this can be an alarming situation but for now it would continue to move positive.
FIIs were net buyers of Rs.142.34 crores whereas DIIs were net buyers of Rs.183.72 crores in last trading session.
Nifty would see strong support at 8450-8380-8335 whereas strong resistance would be seen at 8530-8561-8616-8655 levels.
NSE Nifty: (8477) The support for the Nifty is 8450-8380-8335 and the resistance to the up move is at 8531-8561-8616-8655 levels.
NSE BankNifty: (18822) The support for BankNifty is at 18580-18449-18300 and the resistance to the up move is at 18940-19067-19230 levels.
BSE Sensex: (27878) The support for the Sensex is at 27735-27640-27475 and the resistance to the up move is at 28100-28162-28265-28550 levels.