19 February 2018 (8:56 AM IST)
In their last session, Indian stock markets had closed negative as Bank Nifty fell on PNB Bank scam and dragged Nifty down with itself.
SGX Nifty is range bound, waiting for a trend direction from Nifty. On technical charts, Nifty is still range bound and still trading above its 100-Day Moving average (10,380), which provides a strong support to Nifty.
But, Bank Nifty has broken this technical support of 100-Day MA and closed much below that support (25,350). This is a negative signal for Bank Nifty and if the index finds resistance near this levels, then the previous negative trend will continue in this banking sector index. Not a continuous drop, but right now, it looks like resistance levels are strengthening in Bank Nifty.
For intraday day trading inn Nifty, pivot mark will be at 10,499. Above this mark. resistance can come near 10,565-10,678- 10,744 and support is expected near 10,386- 10,320-10,207.
In the previous session, Nifty had made a high of 10,612 and low level of 10,434 . These two levels will create the immediate trading range for Nifty.
Watch these levels and trade with the short term trend which is expected to remain choppy and range bound like previous few sessions.
You can check pivot levels of major Indian stock index on our pivot trading page; or check here: