18 July 2019 (8:45 am IST)
Indian stock markets went up in the first half of their previous session, then became rangebound and weak in the second half.
Nifty, as we wrote previously, is showing signs of struggle even though the trend has been positive for this index in this week. Yesterday, it stopped at 11,700 and then became rangebound below that level. Usually, when Nifty is in an uptrend, it breaks out of resistance levels easily. But this time, this index is stopping and struggling at every resistance level.
Because of this weakness in Nifty, day traders should cautiously follow this uptrend and be ready to exit their long positions whenever any trend reversal signals are generated.
Today, global stock markets are negative and that could put pressure on Indian stock markets too. SGX Nifty is slightly down, trading within yesterday’s range and a similar rangebound trend could be seen in Indian stock markets too.
Check our Pivot Trading page for intraday range levels of major indexes. These levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect a choppy and rangebound intraday trend in Indian stock markets today. Nifty is still trading above the 20-Day Moving Average in hourly charts. Above that technical indicator, this index will remain in a short term uptrend.