Apr 24, 2017 (8:51 AM IST)
SGX Nifty is trading flat, indicating that the day’s trend in Indian markets will be decided by how Nifty and Bank Nifty trade.
Both these indexes are trading close to their 20-Day Moving Average, a major support and usually markets tend to become highly volatile near such supports, as both buying and selling pressure pull markets in different directions.
For intra day trading in Nifty, 9,130 will act as pivot mark. If Nifty trades above this mark then it may try to reach higher levels of 9,172- 9,183 or 9,224,
However, if Nifty remains below the pivot level of 9,130, then it may trade lower and seek support near 9077- 9035 (strong support) or 8982.
For Nifty, range support is still intact at 9000 and only a closing below this support will breach Nifty’s current range.
Watch these Nifty levels and trade with the short term trend.
Good luck, enjoy the session!