Nifty Futures is expected to open at 8690 as per SGX Nifty at 8:30 am IST, which is 10 points above its previous close of 8680, says Dynamic Levels.
Nifty takes support of 8500, moves up by 150 points
Indian Market Outlook:
India's benchmark Index Nifty, opened gap up and made a high of 8680. A jump of 160 points was witnessed before the Index closed at 8675. Banking stocks were the strongest, with Bank Nifty jumping up to 19500 with massive short covering seen in various Call strikes that led to a decrease in open interest. Nifty is hovering around its three day high of 8700. The bulls need to gather momentum in order to move above the 8750 mark. FII's have built massive long positions in options, reversing their sell trend, which will be confirmed by how they approach market session today.
ICICI bank has moved up sharply and has been the top performing stock in the past two trading session, up by 8 percent, but is coming close to the long term resistance of 278-282.
Nifty Futures is expected to open at 8690 as per SGX Nifty at 8:30 am IST, which is 10 points above its previous close of 8680.
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