16 January 2018 (8:59 AM IST)
After being shackled in a strict range for many months, Bank Nifty finally broke out of its range and staged a rally out of that range yesterday.
Bank Nifty continued to climb up after a gap up opening yesterday and closed near the ay’s high levels, indicating that we may see a new uptrend in the index.
However, Nifty turned range bound yesterday and closed much lower than its day’s high levels, just as we had warned our readers that Nifty could become weak near the high levels. That makes Nifty’s trend today a range bound one, where the index will have its immediate trading range between previous high and low levels.
For intraday trading in Nifty, pivot mark will be at 10,746. Resistance is expected above this mark, near 10,778-10,814-10,847 and support is expected near lower levels of 10,709 -10,677-10,640.
Watch these levels and trade with the short term trend, which may remain mixed in various indexes of Indian stock markets.