22 May 2018 (8:15 AM IST)
SGX Nifty has found support near its 100- Day Moving Average and trading flat after falling for four straight sessions.
Nifty had closed below its 100-Day MA yesterday, but today, the indexes could get a breather in early session and find support near previous sessions’ closing levels (10,516).
However, since Indian stock markets and Nifty have been trading down on news event (Karnataka election results), this support may not last long.
Bank Nifty had also closed right at its 20-Day Moving Average so that index may also see a bounce back in early session.
If Indian stock markets trade positive in opening session, day traders should watch if any resistance develops near day’s higher levels.
For Nifty, today’s intraday resistance levels will be near 10,590-10,663- 10,706 and support is expected near 10,474- 10,432-10,358 marks. Nifty’s intraday pivot will be at 10,548. Nifty had closed much below this pivot level (which is one more signal of weakness in the index), so this level will act as the first resistance of the day. Above this level, Nifty will have stronger buying support but below this level, Nifty will face more selling pressure. Any major stock indexes, that falls below its previous low level, could see more losses.
Nifty is currently within a range of fibonacci levels of 10,600 and 10,423. Bank Nifty has a trading range within fibonacci levels of 26,063 and 25,680.
Intrady support and resistance levels are given on our Pivot Trading page. Same can be checked here:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Market volatility will remain high. Day traders should watch till markets develop a clear trend pattern near any support or resistance level, then trade with that trend.