1 August 2019 (8:45 am IST)
SGX Nifty is currently down by nearly 70 points, indicating another gap down opening in Indian stock markets today.
That will take these markets closer to their previous opening levels. If Nifty opens with simial cuts, the index will open somewhere near 11,050 mark. That will turn it rangebound between yesterday’s high and low points and some opening volatility could be seen near that level.
Day traders can check pivot levels on our Pivot Trading page to anticipate different range levels, which are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
As we all know, Indian stock markets are in a strong downtrend. These markets had a breather yesterday when Nifty survived its lowest support of 11,000, although the index did dip below this level briefly.
We had written earlier that Nifty’s monthly charts have 20-Day Moving Average support near this level and this is the last support before Nifty falls towards 10,000 levels.
After yesterday’s bounce back from 11,000, Nifty became rangebound and faced resistance near 11,150 mark. In today’s session, these levels will again make the initial trading range for Nifty and as long as Nifty trades above 11,000, it will remain rangebound.
Expect the downtrend in Indian stock markets to continue as markets are falling on miserable economic conditions and major support levels have become weak. This downtrend will resume once Nifty falls below the 11,000 level. We’ll wait and see if that level is broken today.