27 February 2018 (8:41 AM IST)
SGX Nifty had made big gains with the rally in U.S. stock markets, but today, as U.S. stock futures are turning negative, this futures index has lost nearly half of its gains, indicating only mildly positive opening for Indian stock markets.
NSE index Nifty has come close to its strong resistance of 10,600 and that can increase volatility in the index. Bank Nifty also faces strong resistance near 25,800 so that index can also turn range bound near its current levels.
Yesterday, Indian stock markets had another store rally, which was a continuation of current technical bounce back in these markets. But now, major indexes face their strong technical resistance at current levels and may trade in a range, with choppiness.
Global cues will also dominate the intraday trend in these markets and add to the volatility.
For Nifty, intraday pivot mark will be at 10,565. Support levels will be near 10,537- 10,492-10,464 and resistance is expected near 10,610-10,638- 10,683 feels.
Nifty’s previous high and low marks were 10,592 and 10,520 respectively, and these marks will create the immediate trading range for the index.
Pivot trading will be better trading strategy in such markets conditions. You can find pivot levels of major Indian stock indexes on our pivot trading page; or check here: