10 August 2017 (8:20 AM IST)
SGX Nifty is negative but highly volatile and we may see a similar trading pattern in India markets today.
Bank Nifty and Nifty had closed below their 20-Day Moving Averages yesterday, which indicates that these indexes may continue to slide down till the next support of 50-Day MA.
Both local and global cues are negative for these markets. Market regulator SEBI has recently barred 331 shell companies from trading in markets which has increased selling pressure in some segments of Indian markets. Global cues are also negative on geopolitical tensions.
These factors points to continuation of correction in major indexes. But, Bank Nifty will have its weekly Options expiry session today and that may induce some volatility in markets. If Bank Nifty fails to get any support, then this week’s lower trend is expected to continue in markets.
For intra day trading in Nifty, Pivot mark is at 9,923. Support will come below this mark near levels of 9,877- 9,846 or 9,800. Resistance levels are 9,954- 10,000 and 10,030.
Watch these levels and trade with the dominating trend.
Good luck, enjoy the session!