India Markets Today: In Correction, Choppy on Global Cues

9 August 2017 (8:08 AM IST)

India markets continued with their correction in last session and today, global cues may add to the selling pressure in these markets.

SGX Nifty is down by nearly -28 points in early trading, indicating a negative opening in broader Indian markets.

Yesterday, Nifty and Bank Nifty had seen big profit booking and had closed just above their 20-Day Moving Averages. If these two major indexes open with a gap down today, and fall below that supporting MA, then more selling may be seen in these indexes and broader markets.

For intra day trading in Nifty, pivot mark will be at 10,003. Below this mark, support is expected near 9,922- 9,866- 9,785 levels. Resistance will come near higher levels of 10,059- 10,139-10,196.

Traders and investors should take advantage of both up and down trend. Indian markets have given good opportunities of an strong uptrend till recently, and now its time to make profits in the lower trend.

Watch those Nifty levels and trade with the short term trend.

Good luck, enjoy the session!

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