4 April 2017 (9:02 AM IST)
Note: Indian markets are closed today for local holiday. The levels given below will be applicable when markets open tomorrow. SGX Nifty is trading quite positive and if that trend continues, then tomorrow Indian markets may see a much higher opening.
Unless something new happens and makes Nifty, Bank Nifty turn lower, it looks like both these indexes and broader Indian markets are set to continue their uptrend.
Bank Nifty had staged a positive breakout last week and Nifty did so yesterday, closing above 9,200 mark and making a new high.
For intra day trading, Nifty has pivot at 9,225 and above this level, the index may try to reach more highs of 9,258- 9,278 or even 9,310- if not today then maybe in coming few sessions. That will depend on the continuation of the current uptrend.
If Nifty falls below its pivot of 9,225, then the index will seek support near 9,205- 9,172 or 9,152. One can clearly see how Nifty’s support levels have been climbing higher, from earlier 9,000, indicating a continuation of its uptrend.
SGX Nifty is pointing to a slightly higher opening in Indian markets and Nifty. Give markets some time to create their first low and high and then trade with the trend.
Good luck, enjoy the session!