8 August 2018 (8:59 AM IST)
7 August 2018 (G11:29 PM EDT)
Indian stock markets are expected to trade within this week’s range and remain choppy as world stock markets are indicating a pause today after positive gains in this week till now.
U.S. stock markets had rallied first in their overnight session, but then climbed down and trimmed gains before the closing bell.
U.S. and European stock futures are also turning negative at the time off writing, indicating a pause at their current levels.
Indian stock markets had already indicated this pause in their yesterday’s sessions and today also, SGX Nifty is trading with minor gains, near previous high, waiting for Nifty to open and take a trend.
Nifty, and all major Indian stock indexes, had opened high yesterday and immediately dropped from those high levels to close flat. This has made a negative candlestick on technical charts and possibly turn into a trend reversal- if- repeat, if major indexes continue to trade lower.
Right now, we have this week’s range to watch in these markets.
In rangebound markets, pivot levels can provide good intraday support and resistance levels. These levels are given on our Pivot Trading page. Levels for different indexes are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Nifty’s intraday pivot will be at 11,392. It has intraday support near 11,356- 11,323-11,287 and intraday resistance near 11,425-11,461- 11,494.
Day traders should watch these levels and trade with the trend for short term duration within this week’s range.