India Markets Today: Jump in Rupee, Ratings Improve Sentiment

17 November 2017 (9:06 AM IST)

Indian rupee and SGX Nifty have jumped up after the rating agency Moody’s increased India’s rating to “stable”.

Bank Nifty is expected to react with bigger jump and gain more in its current trend while Nifty is facing technical resistance near 10,300.

If Nifty can sustain above this technical level, which happens to be its 20-Day Moving Average, then we can expect a return to its previous uptrend.

This development proves that you do not have to watch news, but just watch what markets are doing and you can anticipate what is going to happen. In last many sessions, in spite of many negative factors, Bank Nifty refused to fall below its major support while Nifty kept falling, even global markets kept falling. Now you know why market whales were supporting Bank Nifty. This support was clearly visible on technical charts and those who followed the trend in Bank Nifty, and even Nifty, which staged a technical bounce back yesterday, will benefit a lot today.

These are Nifty’s intra day levels- Pivot is at 10,195. Support levels are near 10158-10102-10065 and resistance is expected near 10251-10288-10344.

After a gap up  opening, markets can either turn sideways or continue to climb up.

Watch the dominating trend and follow it.

Good luck, enjoy the session!

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