27 Sep, 2016 (9:00AM IST)
Indian markets are expected to find slight support with global markets in early session today.
However, this support may not be much as Nifty has fallen much below its technical support of 20-Day Moving Average.
SGX Nifty (Nifty futures in Singapore market) was 68 pints lower in opening session and has now squared off those losses to trade slightly positive. This index trades much later than Indian markets, through the early session in U.S. markets and had fallen with big numbers when major U.S. indexes tumbled in their previous session.
That means, if U.S. stock futures were not rallying right now on their presidential debate, SGX Nifty would have been down by 60 points and Indian markets would have seen a gap down opening.
U.S. presidential debate is very local factor and may not support Indian markets much.
Nifty has its first resistance of the day at 8,749 and first support at 8,688. That will be its immediate range.
If Nifty crosses above 8,749 then it may go back to another, and stronger resistance of 8,783.
8,731 and 8,741 may prove smaller resistance levels for Nifty.
Keep an eye of resistance levels in Nifty as the inedx may remain range bound at upper levels, trading in a narrow range after a gap up opening, or follow a higher open and lower closing pattern.
Overall, last session’s high and low levels will keep Nifty range bound.
Good luck, enjoy the session!