17 April 2018 (8:23 AM IST)
SGX Nifty trading flat in its early session, indicating that it is waiting for Nifty to open and decide on its intraday Trend.
Indian stock markets have been enjoying a long bounce back from support level and Nifty and Sensex have now crossed above their important moving averages, signaling strong support.
Only Bank Nifty is this still facing resistance near 24,411 level. If this banking index jumps above this resistance than Indian stock market can continue with their current uptrend.
Till now, support levels have been stronger in Indian stock market compared to resistance levels. In last many sessions, major indexes have found a strong support and have refused to go down below those levels. Yesterday also, in spite of a very low opening, Nifty rose from it lower levels and rallied to close with good gains.
Today also Indian stock markets are expected to trade within their current support and resistance levels. Global cues are still not trending in any direction, So Indian stock markets will continue to trade on their own.
For intraday trading, Nifty has pivot mark at 10,488. Above this level, the index will have more chances to trade positive and try to reach resistance levels of 10,580-10,632- 10,724. If Nifty trades below its pivot mark. then it can try to reach support levels of 10,436- 10,344-10,292. Nifty’s previous high and low marks of 10,540 and 10,396 will create its immediate trading range.
Pivot levels for major Indian stock indexes are given on our Pivot Trading page. Day traders can find those level on these links too:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
The intraday trend will remain choppy in these stock markets.