Indian market today morning saw major indices open on positive note with pre-open market indicating bullish performance for the day. Nifty futures in international market continued to move range bound similar to Nifty index performance during yesterday’s trading session. While Nifty futures in Singapore exchange traded uptrend ahead of Indian market hours reaching as high as 10294, the momentum started to slow down as trading session began for the day in Indian market and is currently trading flat.
Pre-open market saw Sensex gain over 50 points, Nifty above 10200 and the uptrend movement continued for the first 15 mins of trading session , however influence on market momentum from Asian markets that began trading ahead of us on bearish trend caused Indian market to go range bound. Sensex rose over 100 points during the first 15 mins, however both major indices turned range bound with Nifty and Sensex trading near flat seeing over 0.04% decrease in value. Nifty is currently at 10185.45 as 26 of top 50 nifty stocks trade downtrend.
Nifty index chart saw two bear hammers and downtrend stepping stone pattern in 1 min candle chart indicating further downtrend momentum as trading session progresses further into the day. Expected support and resistance for Nifty for the day are at 10100 & 10250 respectively.
Source : Economic Times WebsiteView Full Artcile With Comments