3 January 2018 (8:23 AM IST)
Indian stock markets traded in a narrow intraday range yesterday and showed support near previous closing levels. Nifty and Bank Nifty both showed buying support near major support level.
Today SGX Nifty is trading positive, indicating a positive opening in Nifty and broader Indian stock markets.
Indian stock markets have been trading in a broad range and as we have been discussing, pivot trading is the best intraday trading strategy for such conditions.
Today, for day trading in Nifty, the intraday pivot mark will be at 10,447. Support is expected near lower levels of 10,399 -10,356-10,308 and resistance will come near 10,490-10,537-10,580.
When stock markets trade sideways and open higher, then day traders should watch nearby resistance levels to see if markets face any hurdle near those levels. If that happens, then intraday trend can turn sideways or stocks can face a trend reversal from higher opening levels.
However, if stocks do not face resistance after the opening level, then day traders should watch support levels and trade with the positive side.
you can find those important support and resistance levels for major Indian stock indexes on our Indian Stock Markets Pivot Trading page.
Watch these levels and trade with the short term trend.