1 January, 2018 (8:52 AM IST)
All major global stock markets will remain closed on the first day of the New Year. Which, in our opinion, is just a waste of time and fortune🙂
In Asia, only China stock markets are open and India markets are going to open in a few minutes form now. So, we wish a very happy and prosperous New Year to traders in these markets. May they find treasures in their day trading and make a prosperous living out of it!
As volumes are going to remain very thin, Indian stocks may trade in a slow paced, range bound manner. As we had written in our weekly analysis of Indian stock markets, all major indexes are in an uptrend on weekly basis but Bank Nifty is restricted in a narrow range.
On daily charts, these major indexes had remained sideways in their session on Friday. So the immediate trading range bound remain between high and low of that previous sessions. A broader range will be between high and low levels of previous week.
For intraday trading in Nifty, pivot mark will be at 10,519. According to Pivot trading rules, the index will find support above this level and face resistance below this pivot mark.
On higher side, Nifty’s intraday resistance levels are 10,550-10,569-10,600 and its intraday support levels will be near 10,500 -10,469-10,449.
Watch these Nifty levels, observe what kind of intraday trend develops in the index, the trade with that trend.