Indian Markets Today: Nifty aiming for new high?

28 Nov, 2014 (9:14AM IST)

NSE index Nifty had closed near 8,500 yesterday. Going by SGX Nifty’s high numbers during early hours, we might  see a gap up opening in Nifty today. That will take Nifty closer t its major resistance of 8,533- 8,550.

From there, Nifty’s trading pattern will depend on global cues. If global cues turn negative, we might see a “high opening, low closing” trading pattern in Nifty.

Nifty will be making a “double top” signal on technical charts by today’s high opening. It will be interesting to see if the index, and broader Indian markets, break above this range or see a trend reversal to lower levels.

All that will become clear only after the opening in European markets and global cues. Till then, watch rupee’s trading pattern to anticipate Nifty’s movement.

Old F&O series has been bundled off. A new F&O series in Indian markets starts from today. Enjoy that and have fun in Indian markets today 🙂

See you later.

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