5 April 2019 (8:24 am IST)
The monthyl and weekly trend has changed in Indian stock markets and has turned down from range resisatcne levels.
Ever since the reports about a delayed monsoon has come, Indian stocks have staretd seeing profit booking form higher levels.
Now, selling has started coming at bounce and this is clear on technical charts where major indexes are seen falling belwo technical supports. SGX Nifty is also trading below the middle band of technical indicator Bollinger Band, which indicates a downtrend in this futures index on Nifty.
Day traders should watch how Indian indexes trade near their major support and resisatcne levels and trade with the dominating trend, which till now, looks downwards.
Our Pivot Trading page has daily pivot levels of major indexes for this pusrpose. These levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect a choppy trend in Indian stock markets today. the trend has weakend and major indexes have declined from resisatcne levels. This is a technical trend and day traders should follow the short duration trend which has now become range bound.