8 May 2018 (7:15 AM IST)
After a continuous fall last week, Nifty started this week with a bounce back from its technical support levels of 10,600.
That puts this index in a small range between 10,600 (support) and 10,800 (resistance) levels.
For Bank Nifty, this range is much bigger- from 25,700 to 26,112 or even 26,465 if the index continues to rise
Major Indian stock indexes had closed above their pivot levels for today, which is a positive signal. Thus, the immediate trading range for these indexes will be between their today’s pivot and first resistance levels.
For Nifty, today’s pivot is at 10,700 and first resistance levels will come near 10,799.
If any index falls below its pivot then its trading range will stretch between pivot and first resistance levels. If Nifty falls below its pivot of 10,700 then its trading range will be between this level and first support of 10,616.
In between these levels, there could be minor support and resistance levels and day traders should follow the short term trend between these levels.
Overall, by yesterday’s closing, Nifty is positive but range bound while Bank Nifty is positive and in an uptrend.
Nifty’s intraday support levels are 10,616- 10,517-10,433 and intraday resistance levels are 10,799-10,883- 10,982.
Pivot levels of major Indian stock indexes are available on our Pivot Trading page, or check those here:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
The best day trading system will be following the intraday trend and to know that trend, day traders should wait and watch the opening level. If those levels are close to any support or resistance levels then wait to see how markets behave and what kind of trend develops near those levels. Then just follow that trend and continue to trade in the same direction till markets signal a reversal.