4 December 2017 (8:50 AM IST)
India markets had seen two straight sessions of big declines last week.
Although SGX Nifty is trading higher before the opening bell in Indies markets, but stocks may remain under pressure.
There are two trend possibilities for today’s session in these markets; either a range bound session within previous session’s high and low levels, or after higher opening stock may turn down again and continue with their previous negative trend.
Nifty and Bank Nifty have fallen below their 50- day Moving Average and now 100-day Moving Average is expected to provide them some technical support.But it is difficult to say how long this support will last because this decline has come after negative economic data. markets will also be waiting for the RBI monetary policy meeting later this week, but not much is expected from that meeting.
For intraday trading, Nifty has pivot point at 10,167. Support is expected near lower levels of 10,062-10,003-9,398, while resistance may come near higher levels of 10,226-10,331-10,390.
Watch these levels and trade with the short term trend.
Good luck, enjoy the session!