12 March 2018 (8:50 AM IST)
Indian stock markets are expected to trade in a volatile manner after a very high opening. SGX Nifty is trading with nearly 130 points’ gains following a rally in U.S. stock markets last week and positive global cues.
But Indian stock markets have been range bound and till their range levels are breached- either upper or lower, this range bound pattern will continue.
Previous important support and resistance levels will continue to dominate major India indexes like Nifty and Bank Nifty.
these indexes have been trading within their major Moving Average and Nifty had found support and bounced back from its 200-Day Moving Average. The index bow faces resistance of 20-Day Moving Average (10,400).
Likewise, Bank Nifty, that had fallen below its 200-Day MA, will now find that level as a technical resistance (24,600).
If these indexes can cross above their current resistance levels as mentioned above, then we can expect some more gains in Nifty and Bank Nifty. However, if these indexes fail to breakout of the technical barriers, the a range bound trading pattern will continue in Indian stock markets.
Intraday pivot levels will indicate how major indexes will trade today. Day’s 3rd resistance will be important level as indexes could see resistance near that levels.
Overall, Indian stock markets will follow the global trend and will remain range bound.
Their previous trading range will be the immediate trading range today also.
For Nifty, today’s intraday pivot will be at 10,245. Resistance levels will be near 10,278-10,329 and 10,363 marks while support is expected near 10,193- 10,160-10,108. Nifty had made previous high at 10,296 and low at 10,211. These two levels will mark as the immediate trading range for the index.
Watch these levels and trade with the short term trend.