26 May 2017 (8:23 AM IST)
Indian markets had one big short covering rally yesterday on F&O contracts’ expiration day.
Major indexes recovered all their losses from previous few sessions and went back to their range high levels. It is not unusual to see such rallies in Indian markets on the F&O expiry day and sometimes, the trend even reverses after that.
Today, SGX Nifty is trading negative on global cues and it will be interesting to see if Bank Nifty and Nifty will reverse their trend on negative global cues or ignore these cues and take forward their rally.
For intra day trading in Nifty, pivot mark comes at 9,470. (As yesterday’s session had a big trading range, support and resistance levels will come at bigger than usual distance for this index today. Traders should also keep an eye on minor levels within these broader s/r levels.)
Above the pivot, resistance marks are at 9562-9614 and 9706 levels. While support comes near 9418- 9326 and 9274 levels.
Watch these Nifty levels and follow the short term trend for intra day trading.
Good luck, enjoy the session!