16 Sep, 2014 (7:50AM IST)
NSE index Nifty is near its 20-Day Moving Average ( 8011) and that might provide support to Indian markets is early session.
But this support will depend on rupee’s trading pattern, which fell much below 61 in its last session. Today, in global markets rupee has found some support as dollar weakens. If this pattern continues after the opening bell in Indian markets, then Nifty is expected to trade in the upper levels of yesterday’s range (8030- 8077). For Nifty, 8049 will be crucial, and the index will need to cross above this level to trade positive.
Global cues are negative and will dominate Indian markets in the second half like previous few sessions. We might see a closing near yesterday’s closing levels or another lower closing like last few sessions.
Upside for Indian markets is limited- unless global cues change. Nifty has 8070 as its major resistance now. Selling at high will continue to be a better trading strategy for Indian markets.
Keep an eye on rupee and Nifty’s pivot levels, and trade accordingly.
Good luck, enjoy the session in markets today!
See you later.