Mkt Outlook: A gap up opening likely

Mirroring the positive trend in the global markets and late buying in our markets yesterday the Sensex is likely to open significantly higher this morning.

However, continued selling by local funds is a worry, hence selling pressure at higher levels cannot be ruled out.

The index may face resistance around 9155-9225 levels, above which the index could rally towards 9300. On the downside the index has near support at 8705, and a strong support around 8635 levels.