30 Jul, 2015, (9:19 AM IST )
Indian markets could see a volatile session as Futures &Options expiration takes place today. Markets could trade on hopes of rate cuts from their own central bank in its meeting next month. The Fed’s rate cut has not been mentioned so that could provide temporary relief to these markets.
Nifty has found good support near its 50-Day Moving Average in last two sessions, so it could get some technical support.
However, only the closing levels will prove if Nifty maintains this technical bounce back or selling pressure comes at higher levels.
For today, 8,434 will be the topmost resistance for the index. 8,365 will be the lowest support and it is expected to trade within this range.
Indian markets are know to rally on hopes very frequently and if Nifty takes a strong positive trend, then it could try to get back to previous high of 8,481.
On the other hand, if Nifty fails to sustain above 8,400, then it might trade back to 8,365 level. Watch carefully how this index behaves and trade with the trend.
Good luck, enjoy the session.