20 April 2018 (8:53 AM IST)
Although SGX Nifty is negative by nearly -40 points, but we have seen recently that Indian stock markets decide their own trend after the opening bell.
So that is expected today also and just like last fews sessions this week, Bank Nifty could dominate the intraday trend in Indian stock markets today.
As we have been writing previously, Bank Nifty has been facing resistance and was reluctant to cross above that hurdle. Nifty and other major indexes were stronger but Bank Nifty’s weakness had been dominating broader markets this week..
It is expected that Bank Nifty will continue to dominate trend in Indian stock markets and at this time, these markets are trading sideways.
Nifty’s intraday pivot will be at 10,561 and support levels will be near 10,550- 10,535-10,524. The index will have intraday resistance near 10,576-10,587- 10,602 and is expected to trade within these levels.
Day traders should let markets establish a trend ad then trade within these levels with that short term trend.
The pivot levels for major Indian indexes are available on our Pivot Trading page.