16 April 2018 (8:10 AM IST)
SGX Nifty is trading highly negative on global and technical cues, indicating a negative opening in Indian stock markets today.
After trading up for last three weeks, major Indian stock indexes have completed their monthly range and had closed right at their monthly resistance last week.
Going by the negative start in SGX Nifty, it seems that subdued global cues and this technical resistance will keep Indian stock markets within their last week’s trading range.
It also means that last week’s volatile trading pattern will continue in Indian stock markets where major indexes can keep bouncing back within their support and resistance levels.
You can find these levels for major Indian stock indexes on our Pivot Trading page.
For intraday trading in Nifty, its pivot mark will be at 10,483. Resistance levels are 10,516-10,552- 10,584 and intraday support is expected near 10,448- 10,415-10,379. Here are intraday support and resistance levels for major Indian indexes:
Indian stock markets may continue to trade within their broad range and remain volatile on global cues. Day traders should watch carefully for any support after a negative opening.