Indian Stock Markets Today: Bank Nifty Showing Technical Weakness

1 November 2019 (8:39 am IST)

After yesterday’s monthly Futures & Options expiry session, today Indian stock markets are starting a new monthly session. 

At the time of writing, SGX Nifty is flat, indicating that yesterday’s rangebound trading pattern is still dominating this futures index of Nifty.

 In the Indian stock market, yesterday’s session was narrowly range-bound, and Nifty kept facing a strong resistance near 11,950 level.

This has more to do with the trading pattern in Bank Nifty, than anything else. Bank Nifty is creating a steep “Double Top” on technical charts. A “Double Top” formation usually indicates a trend reversal. However; Indian stock markets are currently in an uptrend. Therefore; traders should wait and see whether Bank Nifty can break out of this pattern and continues its uptrend in the new month.

In the last two sessions, Nifty had gap- up openings but traded rangebound after that initial jump. 

For rangebound markets, support and resistance levels are quite important. We have provided these levels on our Pivot Trading page. These levels are: 

Expect Indian stock markets to trade with high volatility. Bank Nifty can make or break the trading pattern in these stock markets.

Nifty and Sensex are in a clear uptrend, but Bank Nifty is still rangebound. This index has to break out of its range top, only then we can expect broader markets to continue with their uptrend. Otherwise; it will be a sideways trading pattern for Indian stocks.

This entry was posted in Indian Stock Market and tagged , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

two + 19 =