7 April 2020 (8:22 am IST)
SGX Nifty had rallied yesterday and is rallying today as well, so we can expect Nifty to open with a big gap up. SGX Nifty’s chart is showing a “higher low” candlestick pattern which is a positive signal. For Nifty, today’s high open will also create a similar signal.
But, for Nifty, the trend AFTER the big open will be more important. Nifty has faced stiff resistance near 9,000 in recent weeks. If and when the index clears this hurdle, we can expect a true trend reversal for the index and broader Indian stock markets. Until then, these markets will remain range bound.
For range bound markets, knowing pivot levels is advantageous. We have provided those levels on our Pivot Trading page. Here are those levels:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Indian stock markets are expected to follow positive global cues and open with a big gap up. US markets are leading a rally in world stock markets and after the initial volatility, we can expect Indian stock markets to stabilize and trade positive.