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Nifty Future likely to open gap up by 11 points: Dynamic Levels

Nifty Future is opening gap up by 11 points against yesterday’s close 10465 as indicated by SGX Nifty which is currently trading at 10476, says Dynamic Levels.

Dynamic Levels’ Market Outlook:
 
The Indian benchmark Index Nifty continued its Sell-off for the 7th consecutive day after The Reserve Bank of India in its sixth bi-monthly monetary policy statement decided to maintain its status-quo stance to keep repo rate unchanged at 6 percent.
 
Yesterday Nifty opened gap up but failed to hold on gains as the Monetary Policy Committee highlighted its cautious view on rising inflation.The Index opened at 10607 and closed at 10477 after making a low of 10446. FII & PRO have sold 545048 contracts in the current expiry which suggests further weakness in the market.
 
Markets may trade volatile in the coming day and may take cues from global market performance. However immediate support for Nifty is 10276, breaching this level may take Nifty to 10075. The Cash Market Benchmark Index, Small Cap has outperformed Nifty and gained 185 points or 2.30% from its previous close. The Index open at 8258 and closed at 8269 after making a high of 8318.