29 June 2017 (8:40 AM IST)
Indian markets will have their monthly Futures & Options expiry session today, including weekly Options expiry in Bank Nifty. On such days. the trend turns unpredictable and markets may- or may not- become more volatile.
Global cues are adding to the current volatility by trading up and down on alternate days.
Major Indian indexes have slipped on local cues this week. Nifty showed more weakness in the previous session but Bank Nifty found some buying support at lower levels. We may see some bounce in today’s session, as SGX Nifty is showing, or markets may turn lower again after a positive open.
Both trend possibility are open for these markets so traders should watch carefully how the trend developed then follow it.
The trend line has been clearly breached in Nifty and Bank Nifty, now we have to see if these indexes can bounce back enough to cover losses or this correction continues.
Now, Nifty has major resistance at 9,600 and only above this level, the index will be safe from correction.
For intra day trading, Nifty has pivot mark at 9,496. Resistance come above this mark near levels of 9,517- 9,544 or 9,565. Nifty will find support near 9,469- 9,447 or 9421.
Watch these levels and trade with the trend line.
Good luck, enjoy the session!