The Sensex seems all set to open with a positive gap for the second straight day, thanks to global cues.
Today, the Sensex will have to sustain above 8,445-8,470 for a strong close. As and when the index breaks, 8,445 during the day, it would be the first sign of weakness.
On the upside, the rally may stretch upto 8,760 in the coming days. However, chances of a complete trend reversal remains slim. One needs to be cautious at higher levels, as the current upmove is just a relief rally and index may see a fresh decline soon after.
Today, the index may face resistance around 8,405-8,445-8,470, while support on the downside is around 8,280-8,240.
The short-term target for the Nifty is at 2,760. The NSE Nifty needs to sustain above 2,660 today for a continued upmove.
The index may face resistance around 2,645-2,660, while support on the downside will be around 2,590-2,575.