26 October 2017 (8:30 AM IST)
India markets had an extremely volatile session yesterday, especially Bank Nifty after the Finance Ministry announced a bailout for public sector banks.
Today, these markets will have their monthly Futures & Options expiry session which may add to volatility. Global cues are also weak today, which may put some pressure on major India indexes.
Technically, Nifty has been making higher highs and lower lows, which indicates an uptrend. Yesterday, the index had a breakout from previous resistance but it needs a confirmation, otherwise the index will be back in previous range and a sideways pattern will establish itself.
Bank Nifty has been strictly range bound between 25,000-24,000 and in spite of making slightly higher and lower moves around these levels, the index remains trading sideways.
SGX Nifty is indicating a flat/ negative open. after that, a choppy trend may dominate markets today. Traders should remain watchful of any trend reversal from higher or lower levels.
Nifty has intra day pivot at 10292. Resistance comes near higher levels of 10343-10391-10443 and support is expected near 10243-10192-10144 marks.
Watch these levels and trade with the intra day trend.
Good luck, enjoy the session!