6 August 2019 (8:57 am IST)
SGX Nifty is down by only 40 points today which shows huge recovery as this index had lost 100 points during the overnight US session.
Indian stock markets are still in a downtrend but now turning rangebound at lower levels before the RBI’s rate policy is announced tomorrow.
Yesterday, Nifty fell below 10,800 but then recovered and tuned rangebound in the second half, finding support near 11,850. Although the index is facing a strong resistance near 11,900. Traders should be cautious about small supports until the RBI policy-meet is over.
Day traders should be cautious about a narrowly rangebound trend because global and local cues are highly negative, only speculators are keeping these markets afloat.
For day trading, check the intraday range level on our Pivot Trading page. 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 with high volatility within the previous day’s trading range. Once this range is broken and Nifty starts staying below 10,800, we can expect the next wave of the current downtrend in Indian stock markets.