9 March 2018 (8:53 AM IST)
SGX Nifty is nearly 40 points higher in early trade, indicating a similar gap up opening for Nifty and traders Indian stock markets.
As we had mentioned yesterday, both SGX Nifty and Nifty had bounced back from their critical technical support of 200-Day Moving Average. That bounce is continuing today.
Bank Nifty is in a different zone. This banking sector index has already fallen below that technical level and now, 200-Day MA can act as a resistance for Bank Nifty.
So Nifty has more head room to go ahead but Bank Nifty can pose problem and turn range bound.
In that situation, Indian stock markets will most probable stay within a range and major indexes will trade within their important support and resistance levels.
Day traders should keep an eye on these levels and trade with the short term trend.
For Nifty, intraday pivot will be at 10,219. Support levels will be near 10,169- 10,095-10,045 and resistance is expected near10,293-10,343- 10,417. Nifty had made a high and low of 10,270- 10,146 and these umbers will mark its immediate trading range today.
Watch the pivot levels of major indexes and trade within those levels.