Indian Stock Market to open negative. Today, Indian Stock Market may see some profit booking but overall market is still in positive trend. BankNifty would enter into negative trend, if it breaches spot levels of 18147 on closing basis. Till then, traders can continue to hold their long position. 18147 is an important level for BankNifty on spot basis, below which we have shorting opportunity and above which, traders should go long in the market.
Nifty has entered into weekly buying mode and hence overall market is in positive trend on weekly basis. Profit booking can take market near to the levels of 8200-8100 but that would be an excellent opportunity for traders to go long. Overall, market would see a sideways movement between 8100-8490 levels for Nifty for next couple of days. Breaching levels of 8490 would force market to see new highs but before that we would see sharp profit booking taking market near to 8200-8100 levels couple of times.
FIIs were net sellers of Rs.711.88 crores whereas DIIs were net buyers of Rs.906.38 crores in last trading session. Nifty would see strong support at 8260-8200-8100 whereas strong resistance would be seen at 8365-8446-8490 levels.