6 Aug, 2015, (9:00 AM IST)
Although Indian markets, especially Nifty gained in their opening hours yesterday, near the closing bell, these gains were trimmed and Nifty closed near its strong resistance of 8,550. Today, a negative SGX Nifty is indicating that Nifty might open near its previous opening level of 8,545. This level will make the first support for Nifty and 8,568 will make the first and very strong resistance for the day.
If Nifty trades below 8,545, then it can go down to other supports of 8,522 or 8,499, another major support.
That makes Nifty range bound within a 100 points’ range between 8,600 and 8,500.
Until this range is breached, Nifty will keep bouncing back between levels in this range. Technical indications are still weak so it will interesting to see the closing levels for Nifty today.
Good luck, enjoy the session.