10 October 2017 (8:35 AM IST)
Yesterday, Nifty and Bank Nifty stopped right at their major technical resistance levels. It will be interesting to see how these indexes open today because that might decide the trend in India markets today.
In last few sessions, Nifty has been trading on its own, ignoring the opening levels of SGX Nifty, which is flat today.
Nifty had made a Doji candlestick yesterday, but Bank Nifty had opened above its minor resistance level and stayed above that level, thus creating a sort or breakout- but still remaining within a broader range. If, I repeat IF, Bank Nifty has a positive opening, of at least +70 points, (above 24,320) then this index will have chances of gaining 150-200 points more before hitting the major range resistance.
However, a lower opening in Bank Nifty will keep this major index range bound within last week’s trading range.
Nifty has been comparatively positive and has been in a minor uptrend within tis current range. It remains to be seen if this index will climb further or retreat towards lower levels of its range.
Nifty’s pivot point for the day is at 9987.
Resistance levels are near 10016-10044-10072 and support comes near 9960-9931-9903 marks.
Watch these levels and trade with the short term trend which can remain choppy like previous many sessions.