5 July 2019 (8:42 am IST)
Indian stock markets are expected to remain very choppy in this session while the Union Budget is presented in the Parliament.
This whole week, Nifty and broader Indian stock market have been inching forward, but in a choppy manner. Every buying has been attracting selling and every dip has been attracting buying in these markets and the intraday sessions have been narrowly range bound and very volatile.
The way Nifty has been keeping close to 11,900 mark makes one suspicious that big traders are not interested in taking this index higher. So day traders should remain cautious and watch both support and resistance levels. For small traders, such volatile sessions are not good for trading so they should try to avoid trading and wait still markets stablize after the budget speech is over.
We have provided intraday support and resistance levels for major indexes 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
Expect a highly volatile session in Indian stock markets today. Only the closing levels will indicate if these markets are going to continue their uptrend, or we will see a trend reversal from these near range-top levels.