20 Jan, 2017 (9:02AM IST)
SGX Nifty is giving weak signals today, but it will depend on Nifty whether it breaches its major support of 8,400.
Going by lower numbers in SGX Nifty, Nifty and broader Indian markets may see a slightly lower opening.
Nifty is expected to open near 8,411- which is also its first support of the day. 8,400 has been major support for Nifty and the index has been pinned in a very narrow range of 8,400- 8,450 this whole week.
If Nifty bounces back after a low opening, then it may try to touch 8,428 (pivot) or 8,452 (first resistance) levels.
However, if Nifty falls below 8,400, then 8,387 and 8,369 will come as support levels. Only if Nifty closes below this last support level, the range will be breached for the index and then, we may see a return of main lower trend in this index and broader Indian markets.
Bank Nifty also has a major technical support at 19,030 and if this banking index falls below 19,000, then it may drag down Nifty and rest of the markets with it.
Wait for markets to become stable after initial volatility, then trade with the trend.
Good luck, enjoy the session!