9 April 2019 (8:56 am IST)
Indian stock markets had a highly negative session yesterday when major indexes opened with positive numbers but then continued to decline through the session.
Still, major indexes revored from their major support levels before the closing so yesterday’s low levels will mark as this week’s support for Indian stock markets and the trading range will be between yesterday’s high and low levels.
On smaller timeframes, these markets may seem sideways but the bigger timeframes such as 5 or 4 hours will indicate if the trend is still down or support levels are getting stronger.
Daily pivot levels, provided on our Pivot Trading page, will indicate a broader intraday range levels. 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 within the last few sessions’ ranges and remain highly volatile. The week had started with a negative session so the weekly trend is down at this time. If major indexes bounce back, then the trend will turn rangebound. Otherwise, Indian stock markets may continue with their yesterday’s downtrend.