8 August 2017 (8:30 AM IST)
SGX Nifty is trading with just a few points’ gain at this time, within last two session’s range but keeping near the lower end.
Broader India markets have trade range bound in last two sessions, with Nifty keeping strictly within previous two sessions’ shadow but Bank Nifty had a slightly higher closing yesterday.
At this moment, these indexes are showing a correction after reaching a peak record high. From here, there are two trend possibilities in Nifty & Bank Nifty- either these indexes will go back to their range high levels,thus creating a “double top” pattern, or make a “lower high” and start trend reversal from current levels.
Yesterday, both Nifty and Bank Nifty faced stiff resistance near day’s high levels and saw a quick profit booking in the closing hour. The trading range was small and choppy.
Today, that same trading range may continue, with a similar sideways, choppy pattern. If any index breaches its previous high or low level, and stays above/ below that level, then the trend may develop further in that direction.
For intra day trading in Nifty, pivot mark is at 10,063. Above this mark, resistance comes near 10,081- 10,105- 10,123 while support will come near 10,039- 10,022- 9,998 levels.
Watch how the trend develops near these levels and trade accordingly.
Good luck, enjoy the session!