20 February 2018 (8:24 AM IST)
Indian stock markets has been trading down in last few sessions, with a specific pattern of opening with highly positive numbers but closing negative.
Yesterday, major indexes Nifty and Bank Nifty had fallen with big margins but found support in the second half of the trading session, and recovered some losses before the closing bell.
However, both Nifty and Bank Nifty closed below their 100-Day Moving Average, which can now act as a resistance levels. For Nifty, 10,400 will be this resistance and for Bank Nifty, 25,350 will act a strong resistance level.
Global cues are highly volatile in this session and SGX Nifty is following that choppy trading pattern. Earlier in the session, SGX Nifty was trading with nearly -50 points’ loss, but since then, the index has recovered slightly, but still trading down, indicating a negative/flat opening in Indian stock markets today.
As we have been continuously writing, the trend in these markets is currently dominated by the banking sector index, Bank Nifty, that has been falling on PNB banking scam. Many more public sector banks are involved in this scam and it is difficult to say, how long this negative trend will continue in Bank Nifty. The index has seen highly choppy, but negative trend till now and that kind of trading pattern is expected to continue in Bank Nifty.
Nifty too has started showing weak signals. However, Nifty is still kind of range bound so day trader should pay attention to its support and resistance levels for pivot trading. You can get those levels for major stock indexes on our pivot trading page.
Nifty’s Intrady pivot mark will be at 10,390. Resistance is expected near upper levels of 10,477-10,576- 10,664 and support levels are expected near 10,290- 10,203-10,104. Nifty’s previous high and low levels were at 10,489 and 10,302 and the range within these levels will mark the immediate trading range for Nifty today. Other pivot levels will mark outer range levels.
Here are pivot levels for Nifty and other major stock indexes:
- Pivot Levels for Bank Nifty
- Pivot Levels for Nifty
- Pivot Levels for Nifty IT
- Pivot Levels for Sensex
A look at how world stock markets have been trading in early session today: