29 Jan, 2015 (7:57AM IST)
Indian markets are facing opposing local and global cues today. On top of that, this session also happens to be the F&O contract’s expiration session.
That will increase market volatility. Yesterday, the way Nifty suddenly dropped from its high point was indication of nervousness at higher levels. It will be interesting to see if Nifty will see any profit booking/ correction in today’s session.
Nifty’s immediate range will be 8,910- 8,830. A correction, small one, will come only below the lower mark of this range. If that happens, then Nifty can go down to 8,750. These are possibilities and will depend on the closing level of this index in today’s session.
Rupee is also facing pressure from USD and might affect trading pattern of Indian markets.
SGX Nifty is indicating a lower opening for Nifty. In that case, watch out for supports near 8,880-8,870 levels.
Till now, Nifty has been ignoring global cues. Watch if it starts fooling those cues now and trade carefully in today’s session.
Have fun, have a great session in markets today!
See you later.