Indian Stock market went down and it traded in a narrow range of 8050-8500. Still market looks weak and will rally only when it crosses mark of 8480 for Sensex.

Today: Market will likely to open with a huge positive gap of 180-200 points on sensex and 50-60 points on nifty because of positive global cues but today market movement will depend on IIP no & Inflation no. Market movement will lot depend on IIP nos rather inflation no.If that nos will come positive, market will react sharply and  may cross a resistance level of 2650 and than after huge really may occur.

Bse Sensex (8160): The support for the market is 8050 n resistance @8500-8450.

Nse Nifty (2573): the support for the nifty is 2550-2500 n resistance @ 2620-2650

Today’s pick:

Buy Ril on intraday basis around 1165 with a intraday target of 1178-1185 but it is advisable to trade once IIP nos will come out.