19 April 2018 (8:30 AM IST)
Yesterday, we had pointed out that Bank Nifty was facing resistance and could dominate the trend in Indian stock markets.
True to that, Bank Nifty fell from its resistance levels in closing hours and dragged broader stock markets down along with.
On technical chart, at least Bank Nifty is signaling a trend reversals. Its RSI is turning down from overbought region and it has failed to break out of its technical resistance .
Nifty is also showing overbought conditions but this index is still trading above its all major Moving Averages which is a supportive indication.
Bank Nifty’s weekly chart also show a trend reversal from technical resistance levels but Nifty is still not showing any negative signal on its weekly charts, except for lower volumes.
That means Indian stock markets could see a mixed trend which will remain within this week’s high and low levels.
A range bound trend is usually trapped between support and resistance levels. For Nifty, the current trading range is between 10,600 – 10,425.
Nifty’s intraday pivot mark will be at 10,543. Above this, resistance levels are expected near 10,577-10,627- 10,661 and support levels will be near 10,492- 10,458-10,408.
Pivot levels of major Indian stock indexes are given on our Pivot Trading page. You can also check those levels here:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Today’s session will also see weekly Options expiration in Bank Nifty and that can increase market volatility.
Yesterday’s high and low levels will mark today’s immediate trading range in Indian stock markets. Beyond that, intraday pivot levels will indicate where markets will face resistance or support.
Watch those levels and trade with the short term trend.