12 September 2019 (8:36 am IST)
SGX Nifty is trading 40 points higher on global cues, indicating a gap up opening in Indian stock markets today. After that, traders will need to watch whether markets continue to trade up or reverse the trend from weekly resistance levels.
Yesterday, Nifty traded rangebound and just before the closing bell, this index broke its hourly support of 9-Day Moving Average and 20-DMA of 30 minutes charts. That was a negative signal but the final closing price showed Nifty recovering and closing above those levels.
Now today, a gap up opening looks ceratin for Indian stock markets and Nifty will be comfortable above those levels. But the next significant resistance is weekly 9-DMA near 11,077 which had stopped Nifty from going much higher yesterday. Today, Nifty will have to sustain above that level in order to continue its uptrend.
Indian stock markets are still trading sideways in their last four weeks’ range and have been trending in minor up and downtrends within this range. Day traders must wait and watch how markets behave and only start trading after the opening hour’s volatility has settled down. Day trading does not mean jumping in the markets as soon as the opening bell rings.
Here are today’s intraday support and resistance levels. You can find these on our Pivot Trading page too:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect Indian stock markets to open positive but the intraday trend could remain choppy as weekly Options will have their expiry session today. Currently, these markets are in minor uptrend within a broad, weekly range. But this uptrend has been very volatile and slow-paced as the Indian economy is facing a recession. Today’s session could continue that volatile trading pattern.