5 January 2018 (8:50 AM IST)
SGX Nifty is trading with mild gains today, indicating that Indian stock markets may turn range bound and choppy as Nifty nears its major resistance zone between 10,500- 10,550.
Bank Nifty has also reached near its own major resistance of 25,550.
In such situations, day trading trend may turn choppy as buyers and sellers both try to dominate the trend.
For intraday trading in Nifty, pivot mark will be at 10,486. Above this mark, resistance is expected near higher levels of 10,531-10,557-10,602 while support is expected near lower levels of 10,459 -10,414-10,388.
For intraday trading, day traders should watch these levels, let Nifty create a trading pattern between these levels (higher highs or lower lows) then trend with the short term trend within support and resistance levels.
Here is our previous trend analysis of Indian stock markets: