18 April 2018 (8:25 AM IST)
SGX Nifty is nearly 35 points higher at the time of writing but the trend in Indian stock markets may depend on how Bank Nifty trades.
As we had written yesterday, Nifty and Sensex have crossed above all their major Moving Averages which now provides them strong support. But Bank Nifty had stayed below its strong resistance of 25,411 which was stopping this index and broader Indian stock markets from going higher.
Today, it will be interesting to see if Bank Nifty can open with considerable gains and jumps above this resistance levels. If that happens, then one can expect more gains in this index and broader markets in near term.
However, if Bank Nifty opens near its previous high mar/ closing level then this index will remain range bound and will keep broader markets sluggish too.
Nifty has intraday pivot at 10,534. Support comes near lower levels of 10,509- 10,470-10,444 and resistance is expected near 10,574-10,599- 10,639 marks.
Pivot levels of other major stock indexes are given on our Pivot Trading page. Same are available here:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
The intraday trend can remain volatile in Indian stock markets today.