3 December 2018 (8:45 am IST)
For Indian stock markets today, Rupee’s trading pattern could signal some trouble as dollar is now rising form support levels against this Indian currency.
That is why SGX Nifty has been continuously declining after a higher open and even though this Nifty futures index is still nearly 50 points higher, the intraday trend in Indian stock markets can remain choppy.
Technically, as long as major Indian indexes trade above their previous session’s closing level, they will remain in minor uptrend. If they fall below previous session’s closing, then the trend will turn rangebound.
Day traders can check intraday pivot levels of major indexes to see minor support and resistance levels. These levels are given on our Pivot Trading page. For individual indexes, these levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Day traders should wait till markets get over the opening volatility and create an intraday trend. Then just follow that trend with the trendline.