22 September 2017 (9:01 AM IST)
We had written yesterday that India markets were facing a trend reversal from range tops and that, Bank Nifty was looking weaker than Nifty.
Exactly that’s what happened in India markets yesterday and a trend reversal started, fueled by a drop in major banking stocks.
Today, that reversal has deepened with a negative trend in global markets on North Korea threats.
Frankly, India’s economic and financial conditions are in such a mess that Nifty should have been at 6,000. But then, we all know stock markets are now dens of speculation and particularly emerging markets like India are now just gambling places of big money hoarders than any indicators of local economy.
Anyway, keep an eye on lower range levels and expect India markets to complete their range bound trading cycle in coming few weeks.
For intra day trading, Nifty has pivot at 10113 and supports are expected near 10067- 10012-9967. Upper levels that will continue to pose resistance to the index come near 10167-10213-10267.
Today’s trend is triggered by negative global cues so those cues will dominate the session in India markets too.
Bank Nifty is being hammered from all side, Indian rupee has fallen below 65 so I think, this negative trend will continue in the banking sectors and will keep pressure on broader markets too.
Watch the support and resistance levels and trade with the short term, dominating trend.
Good luck, enjoy the session!