8 March 2019 (8:59 am IST)
Global trend is down, putting pressure on SGX Nifty, which is not unusual considering this futures index of Nifty is trading close to its range top levels.
Nifty is also in the same technical position of trading near its current range top levels, which is expected to trigger more than usual volatility and some selling pressure.
Buyers will step back in such market conditions and sellers will start trying to drag markets down. We had warned small traders yesterday to be cautious and trade carefully near current levels. These ‘zones’ (support or resistance) are trap zones or small traders where markets look like having broke out of those levels but the revers the trend.
Day traders should wait or markets to establish today’s intraday range and check the range levels with intraday pivot levels give on our Pivot Trading page. These levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Nity had been trading in a narrow range since last two sessions. This range is most visible on 30-minutes charts. Keep an eye on this narrow range and trade with the trend within these levels.
India markets are expected to trade with choppiness and remain rangebound till this week’s high or low levels are taken out.