1 September 2017 (8:10 AM IST)
India markets have been trading in a very narrow range recently.Yesterday, Nifty had closed slightly above its 20 Day Moving Average but Bank Nifty remained below its same technical resistance. The previous session was also monthly Futures & Options expiration session so one cannot go by that day’s trend and today’s intra day trend can go in any direction.
There are many trend possibilities for major Indian indexes- they can staged a range breakout, in which case it could be a positive session. Or, there could be a trend reversal where markets will turn down from current range top levels, which will be a negative session. The trading range can be narrow, like previous many sessions, or become larger now that the F&O expiry is over.
Overall, it could be a range breakout, or trend reversal session in these markets.Major indexes have been very restricted in a narrow range and till that range is broken (in either direction), the trend will remain highly volatile and limited within support/ resistance levels.
For Nifty, intra day pivot is at 9899. Resistance comes near higher levels of 9943- 9968 and 10011 while support is expected near 9874- 9831- 9806 marks.
Watch these levels and trade with the short term trend.
Good luck, enjoy the session!