11 June 2019 (8:48 am IST)
Indian stock market had a very choppy intraday trend yesterday where markets first dropped to their support levels and then rose to trim their intraday losses.
SGX Nifty is showing mild gains in today’s fashion, so we can expect a slightly positive opening in Indian stock markets too. After that, the intraday trend will depend on how Nifty trades with regards to the current trend line.
As previously Indian stock markets are in a bounce back from their measures support levels the overall trend is currently sideways, major indexes will continue to trade between their support and resistance levels.
As we had advised yesterday, day traders should continue to watch both support and resistance level, and read between these levels with the dominating trend. We have given intraday range 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 market to trade with choppiness and within their broader range level. This week trading range has been small and the trading pattern has been mostly sideways. We will have to wait and see what kind of trend emerges from here in Indian stock market. Till that happens, these markets will continue to trade in a range bound manner and remain very choppy.