16 November 2017 (8:47 AM IST)
SGX Nifty has gained 24 points after initial choppy movement. This indicates that Nifty may find some technical support at current levels after many negative sessions.
But it is uncertain how long that support will hold. Bank Nifty has been quite strong even though rupee and other Indian indexes have been falling. Today, it will be weekly Options expiration in Bank Nifty so the trend can go either side.
Nifty has given up its recent breakout gains and is now back below its major, previous resistance level of 10,200. This means, Nifty now has two broad ranges. The upper trading range is between 10,500-10,200 and the lower range is between 10,200- 9700.
If Nifty fails to go back above 10,200 then it will proceed to trade in the lower range, which looks more possible going by the weak global sentiments.
However, if for any reason, Nifty recovers and agin starts trading above 10,200 then it will agains try to trade in the upper range.
For intra day trading, Nifty pivot is at 10,129. Resistance levels will be near 10,164-10,210-10,245. Support is expected near 10,082-10,047-10,001 marks.
Expect a volatile and sideways trading pattern within previous support and resistance levels in these markets.
Good luck, enjoy the session!