21 February 2018 (8:46 AM IST)
SGX Nifty is trading with big gains in its opening session, indicating an equally big ap up opening in Indian stock markets today.
In fact, Indian stock markets had shown strong support yesterday and had ignored a drop in U.S. stock futures in their early trading. Only towards the closing hour, a drop had come in Indian stock markets and forced a negative closing in Nifty and broader markets.
As we had been writing, Bank Nifty’s trend is now negate but Nifty is range bound. If Nifty opens higher today, then it will again trade within its previous session’s range, between high and low levels of 10,429 and 10,360 respectively.
In range bound trend, if the price is trading above pivot mark, then it will trade between pivot mark and resistance levels and if the price falls below pivot mark, then it trades between that mark and support levels.
For intraday trading in Nifty, today’s pivot marek will be at 10,379. Resistance levels will be near 10,410-10,460- 10,492 while support is expected near 10,328- 10,297-10,247
Indian stock markets will have their Futures& Options expire session tomorrow. That can increase the volatility in these markets.
Watch the trend within major resistance and support levels and trade with the short term price movement within those levels.