13 February 2019 (9:13 am IST)
Indian stock markets have opened positive in this session, but the short term technical trend in down for these markets and so, day traders should watch if markets face any resistance after a higher opening.
For day trading, use Bollinger Bands ion various time frames ( 5-hour, 1-hour chart ) to see if the middle band is creating any resistance? If yes, then these levels will be good for short selling. However, if the lower and provides support in these timeframes, the that will be a good opportunity to buy.
Yesterday’s high and low levels will create the immediate trading range in these markets. Day traders can also take help of pivot levels provided on our Pivot Trading page to watch intraday support and resistance 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
Let markets settle down after a gap[ up opening. Then watch for a “higher high” (uptrend) or “lower high” (downtrend) pattern to emerge. Trade with that trend till the trend line runs without any breach.