13 March 2018 (8:35 AM IST)
Indian stock markets are in a very decisive place right now. Major indexes like Nifty and Bank Nifty can either go ahead and accumulate more gains after previous rally, or struggle near their current resistance and turn negative.
Yesterday, Bank Nifty and Nifty- both closed near their strong technical resistance of 24,800 and 10,450 respectively.
If Bank Nifty and Nifty can cross above these resistance levels then we can see Bank Nifty going till 25,000 and Nifty till 10,600 which is current range top for these indexes.
SGX Nifty is trading moderately negative today, but staying range bound and showing support at lower levels.
It indicates that Indian stock markets will also follow a range bound trading pattern and bounce between support and resistance levels.
For Nifty, intrady pivot mark will be at 10,383. This levels and previous high of 10,433 will be important for Nifty to stay positive. Above the pivot mark Nifty will have more chances of trading positive, above the previous high, Nifty will have chances of climbing up further.
Intraday support is expected near 10,333- 10,245-10,195. Resistance levels will be at 10,471-10,521- 10,609. Nifty’s previous low was 10,295 so its immediate trading range will be between previous high (10,433) and this low mark of 10,295.
Watch these Nifty levels and trade with the short term trend which is expected to remain volatile and range bound.
You can get intraday pivot levels for major Indian indexes on our pivot trading page.