29 December 2017 (9:06 AM IST)
Nifty 50 is facing a technical resistance, which is keeping this index range bound near top levels of 10,500- 10,550.
Nifty has entered overbought territory which is making buyers wait for some correction in the index. While sellers are enthusiastic about this technical signal and try to push the index down whenever Nifty try to go up.
Bank Nifty is already weak. That indicates that Indian stock markets may trade within last two sessions’ range once again.
For those looking to trade Nifty intraday, it has today’s pivot at 10,490. Above this level, Nifty faces resistance near 10,521-10,565-10,595 levels while support comes near 10,447 -10,416-10,373 marks.
Watch these numbers ad trade with the short term trading pattern.
Good luck, enjoy the session!
-Here is our previous analysis of intraday trading trend in Indian stock markets, Nifty and Bank Nifty: