12th Jan 2015, Analysis:
Indian Stock Market to open negative with 20-50 points for Nifty. Technically, Indian Stock Market is still in positive zone and hence traders should trade long until Nifty holds 8150 levels.
Some profit booking can't be ruled out at this point of time. CPI that is going to be disclosed today, WPI on Wednesday and IIP data that is going to be disclosed this week would decide the further market direction.
There is expectation that we will see increase in CPI and WPI inflation numbers and hence market seeing some further profit booking. FIIs were net sellers of of Rs.297.99 crores whereas DIIs were net buyers of Rs.299.53 crores on Friday.
Nifty would see strong support at 8150-8065-7960 levels whereas strong resistance would be seen at 8305-8335-8400 levels.
NSE Nifty: (8285) The support for the Nifty is at 8197-8150-8065 and the resistance to the up move is at 8300-8320-8400 levels.
NSE BankNifty: (18637) The support for the BankNifty is at 18480-18300-18200 and the resistance to the up move is at 18880-19120-19200 levels.
BSE Sensex: (27458) The support for the Sensex is at 27100-26900 and the resistance to the up move is at 27510-27640-27700 levels.