14 November 2019 ( (9:08 am IST)
Yesterday, Nifty fell below its major support of 11,850, after trading in a rage above this level for many sessions. Bank Nifty also fell with more than 500 points and indicated a trend reversal.
This shows that a minor downtrend has started in Indian stock markets. the previous support levels will now act as resistance levels. We will continue to follow this downtrend till a prices stabilized and market shows some support at lower levels. It is difficult to say what will be those support levels. But one thing is sure, technical charts will indicate when that support arrives, and we will talk about it at that time..
SGX Nifty is trading mildly positive. Day traders should wait and see If Indian stock markets also open with a slightly positive numbers. After that they should wait for the prices to reach some resistance, where it will be a good chance to sell at high.
We have provided intraday support and resistance levels on our Pivot trading page. For major indexes, these levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect Indian stock markets to trade with volatility, but the overall trend has turned down. Markets may become range bound at times during this downtrend, so the best day trading strategy will be to wait for the price to turn down from a resistance level, then short sell with the downtrend.