6 December 2018 (8:56 am IST)
SGX Nifty is indicating a very low opening in Indian stock markets, following the highly negative trend in global stock markets.
Also, as we have been pointing out, rupee is sliding back again, as dollar is rising from its support levels against the India currency. Both the global trend and currency cues are putting pressure on Indian stock markets currently and these markets are also expected to continue with their trend reversal from current range high levels.
For day trading, there is nothing more than to wait for some recovery in these markets after a gap down opening. Every recovery will attract fresh selling so day traders should wait for markets to indicate reversal once price recovers and reaches near any resistance level. We have given these intraday support and resistance levels 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
Wait, watch and trade only with the trend. Markets can remain very choppy if global cues turn volatile later in the session.