25 Oct, 2016 (9:03AM IST)
Dollar is surging, which is bad news for Indian rupee. right now, rupee is poised to breach the mark of 67, putting pressure on Indian equities.
SGX Nifty is pointing to a flat/ negative opening in Indian markets and NSE Nifty today.
As we have been writing, for the past many sessions, Nifty has failed to break its technical levels of 20-Day, 50-Day Moving Averages. Now these levels are turning into a big resistance for the index.
Today, Nifty is stuck between these two levels which happen to be at 8,710- 8,683. Only a breach above or below these levels will provide any strong move in Nifty. Else, we will continue to see a narrowly range bound and highly volatile session in this index and broader Indian markets.
For intra-day trading today, Nifty has pivot at 8,710. Above this level, Nifty may try to recapture yesterday’s high level of 8,735 which also marks its first resistance.
If Nifty falls below 8,710 then it may go down to its first support of 8,683. Below that level, 9,657 and 8,630 will provide other supports just as we have been counting since last four sessions.
Expect a highly volatile and range bound session in Indian markets today- and till Nifty breaches any of its range levels.
Good luck, enjoy the session!