Now coming to Nifty Futures, it can be said that as long as it does not close BELOW, 7920, the market is NOT expected to go DOWN, much from here....
In fact the current trend in the Nifty_Futures, is likely to take it towards the first weekly resistance of 8010 mark in this week.
However, today Nifty_Futures (31 December, 2015) closed at 7959 (down 28.75 points) which is below this resistance level.
Now, if tomorrow there is further selling in the opening hours then this might take Nifty_Futures, towards the trend deciding point of 7920--further selling pressure here could change the immediate trend to negative.
In such cases, the Nifty_Futures might slip towards 7860 mark or 7780 mark depending on the supply pressure.
On the other hand, if tomorrow the demand remains strong and the Nifty_Futures are able close above 8010, the Bulls could see the next higher level of 8060, followed by 8140 mark.
Today the Bank_Nifty closed at 17283 (down 191.60 points). However, during this week as long as it does not close BELOW the level of 17275, it is NOT expected to go much BELOW, from here. The current trend is expected to take the Bank_Nifty towards the first weekly resistance of 17510 mark.
Now, if the Bank_Nifty closes above the first resistance point of 17510, then the immediate trend could take it towards the next level of 17685 mark or 17920 mark, depending on the demand pressure.
On the other hand, if the Bank_Nifty fails to close above 17510 in this week, then there are chances that it might slip towards 17275 mark.
A further selling pressure at this level (of 17275) could turn the intermediate trend in Bank_Nifty, to negative and it might nosedive to 17100 or 16865, depending on the supply pressure.