23 February 2018 (8:32 AM IST)
Update: Bank Nifty Trend-
Bank Nifty has bounced back from major support and RSI has turned up from oversold region. Those are positive indications. If Bank Nifty sustains above 25,000 then this index can go up to 25,334- 25,400 marks. If Bank Nifty gains falls below 25,000 then it will turn range bound and will be under selling pressure.
Indian stock markets had a highly volatile intraday trend yesterday where major indexes closed positive after a negative opening.
Technical charts are indicating that Bank Nifty is quite close to its major support of 200-Day Moving Average (24,750) and that is why, this index will trade with high volatility till this support is breached.
The 200-Day MA is very crucial and if any index, stock falls below this level then that is considered a start of bearish trend on that entity.
Nifty, on the other hand, is still range bound near its 100-Day Moving Average (10,400) and is facing resistance from that technical levels. Nifty is still quite higher than its 200-Day MA so currently, there is no worry for this index of falling into a bearish zone.
However, trading below 100-Day MA puts these indexes and broader Indian stock markets in a correction zone.
This whole week Nifty and Bank Nifty have been sticking to their current support levels. After monthly Futures &Options expiration session yesterday, it will be interesting to watch how long this support will hold.
Currently, Indian stock markets are range bound and are expected to trade within this week’s high and low levels, till any of these levels are breached. Pivot trading will be the best intraday trading strategy for day traders.
For Nifty, today’s pivot mark will be at 10,373. Support is expected near levels of 10,349- 10,316-10,292 and resistance will come near 10,406-10,430- 10,463. Nifty’s immediate trading range will be between 10,397 and 10,340 which were yesterday’s high and low levels.
You can check pivot levels of other major indexes on our pivot trading page, or check here:
- Pivot Levels for Bank Nifty
- Pivot Levels for Nifty
- Pivot Levels for Nifty IT
- Pivot Levels for Sensex
A look at the trend in world stock markets today: