3 October 2017 (8:33 AM IST)
SGX Nifty is indicating a big gap up opening in India markets today. The only uncertainty is about Bank Nifty as Indian rupee has been falling against dollar once again and is lowering towards 66 now.
But mostly, India markets will be trading on RBI rate cut hopes and speculators may dominate these markets till the central bank’s policy declaration tomorrow.
That means a highly volatile and mostly range bound trading pattern in these markets. The range will be a broader one. As we have been writing, Nifty and Bank Nifty have been trading within their major technical support and resistance levels, represented by 100 Day Moving Average (support) and 50 Day MA (resistance).
Those levels are still in place and the technical resistance may stop Nifty from going much higher after a gap up opening.
For Nifty, these resistance levels are expected to come near 9836-9884-9915 levels. Intra day pivot is at 9805 and may act as a support level. Lower support will come near 9757-9727-9679 levels.
Watch these levels and trade with the short term trend. Markets may remain choppy and range bound in this session.
Good luck, enjoy the session!