Indian Stock Markets Today: Volatile, Range Bound on Global Cues

14 June 2018 (9:05 AM IST)

U.S. stock markets had closed negative after the Federal Reserve  raised its interest rates and indicated two more hike this year.

SGX Nifty fell down in early session but since then, this futures index of Nifty, has recovered slightly and waiting for Nifty to open and decide its intraday trend.

Nifty had been tryin very hard to touch 10,900 level and yesterday, the index fell from just below this level. As we know, Indian markets are speculators-driven and Nifty can try again to reach this level.

Bank Nifty had been range bound so it will continue to trade sideways or lower.

Nifty’s intraday pivot will be at 10,864. If Nifty stays below this level, then the index may trade negative. However, if Nifty succeeds in opening low but then going higher and crossing above this level, then it will be in a range bound trend and yesterday’s high and low will mark its immediate trading range.

Nifty’s intraday support levels are near 10,835- 10,813-10,784 and it faces resistance near 10,885-10,914- 10,936 levels.

Watch these levels and give Nifty time to create an intraday trend. Market volatility could  remain high and day traders should only follow the trend created by markets.

Intraday Pivot levels for major stock indexes are given on our Pivot Trading page. Separately, these levels are given here:

P.S.- Nifty seems to be making a “double crow” bearish reversal signal at the top. If Nifty closes negative today, then the trend reversal could start in this index.

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