India Markets Today: Choppy, Range Bound Session

4 September 2017 (8:14 AM IST)

Last Friday, Nifty and Bank Nifty both closed above their 20-Day Moving Averages, which, technically, is a bullish signal.

On the other hand, on weekly charts, RSI is showing a diversion and not rising with the price, which indicates that the current bounce back from support levels may become weak.

SGX Nifty is -22 points lower at the time of writing but it will be the opening levels and initial trading pattern of Nifty, which will decide the intra day trend in India markets.

Overall, these markets have been trading in a smaller range in last couple of weeks. In the last session, that range was broken. Today, if major indexes trade above their previous close/ high level, then a minor uptrend will return in markets. If Nifty opens and trades lower, then it may again become range bound.

Will Nifty open lower? How Low? Will it stage a bounce back from support levels after the opening?- answer to these question will determine the intra day trend in Indian markets.

Intra day pivot for Nifty comes at 9955. Support comes near lower levels of 9928- 9882- 9854 and resistance will be near 10001- 10029- 10075.

Watch how Nifty trades in the first hour after the opening bell, then follow the trend.

Good luck, enjoy the session!

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