28 December 2017 (8:45 AM IST)
Indian stock markets and benchmark index Nifty 50 are poised to open today with high numbers, as indicated by SGX Nifty’s gains.
Indian stock markets have been trading in a mixed trend recently. Nifty has been inn an uptrend and had staged a positive breakout two sessions ago. But Bank Nifty remains range bound and refuses to join Nifty in going higher.
- Today happens to be Futures and Options expiration session. That can increase volatility in Indian stock markets.
- Nifty closed below 10,500 yesterday, making its trend rangebound.
- Bank nifty continues to show weakness and closed below its major support of 25, 500, again indicating weakness and range bound trading pattern.
- For day trading, pivot levels will play crucial role.Here are important Nifty pivot for intraday trading.
- Nifty has intrady pivot level at 10504. That means, as long as Nifty trades above this level, the index will have a chance to trade positive. Above this level, resistance will come near 10,540- 10,550 while support zone will be near 10,455-10,420.
Expect Indian stock markets to trade within previous session’s range. Nifty will agin try to trade above 10,500 and try to stay there. However, it is Bank Nifty that will decide if Indian stock markets can start their pre budget rally, or not. Sudden sassing in banking stocks makes day traders nervous and that affects nifty trading too.
Overall, expect Indian stock markets to trade with choppiness. First intraday trading range will be between yesterday’s high and low levels. A broader range will be defied by intraday pivot, support and resistance level. Here are those pivot trading levels for:
Pivot Trading : Nifty:
Pivot Trading : Bank Nifty:
Pivot Trading : Sensex:
Pivot Trading : CNX IT:
Watch these levels and trade with the short term trend.
Good luck, enjoy the session!
Read our previous analysis of Indian stock markets.