21 September 2017 (8:19 AM IST)
As written yesterday, Bank Nifty has been proving a drag on India markets. Nifty has been inching forward, in spite of messy and downhill local economic conditions, but Bank Nifty had stopped at its range resistance of 25,100.
Yesterday, India markets saw a closing lower than their opening levels, but major indexes remained range bound.
Overall, major Indian indexes have been trading in a broad range and that range is still in place. In last two-three sessions, this range-top has started acting like a major resistance and in spite of an uptrend in U.S. markets, India markets have been hesitating to cross above this resistance and are showing signs of a reversal at current levels.
That means, either a narrow, sideways pattern will develop at current levels or a trend reversal will start where major indexes will retest previous support/resistance levels.
For Nifty, intra day pivot is at 10148. Supports comes below this mark and near 10126- 10111-10089. Resistance is expect near higher levels of 10163- 10185- 10200.
Good luck,enjoy the session!