15 November 2017 (8:46 AM IST)
Couple of months ago, Nifty was trading up and Bank Nifty was range bound. Now the pattern has reversed for these major Indian indexes; Nifty is trading down and Bank Nifty is still range bound, but at a higher level.
As written previously, Nifty has fallen below its 20-Day Moving Average so now, it will find next support near its 50-Day MA, near 10,130.
SGX Nifty is trading nearly 30 points lower in early trade and if Nifty follows that loss, then it will open near its support level of 10,150. After that, the index can turn range bound if buying support comes and stabilizes its trading pattern. On the other hand, negative global sentiments can push Nifty further down.
Indian rupee is also trading down against dollar, now half way near to the mark of 66, which is expected go increase pressure on broader India markets.
But still, India markets are known to defy logic and trade of speculation. So watch how the trend develops and strictly follow that trend.
Nifty has intra day pivot at 10,203. Support is expected near lower levels of 10,158-10,130-10,086 while resistance levels are 10,231-10,275-10,303.
Watch these levels and trade with the intra day trend within these marks.
Good luck, enjoy the session!