7 March 2019 (8:55 am IST)
As we wrote previously, Indian stock markets have come close to their range resistance levels and that can make the intraday trend highly volatile.
Also, now Bank Nifty and Nifty both have weekly Options expiration on Thursdays so that can add to the choppiness in this session.
Global trend has turned negative, major indexes are near their range resistance and SGX Nifty is flat- all these factors can put pressure on Indian stock markets today. Day traders should cautiously watch resistance levels and wait for markets to give clear trend signals.
These range support and resistance levels are where big traders trap small traders by pushing price beyond established levels and the start counter trade when small traders fall in that trap.
Intraday pivot levels are given on our Pivot Trading page. Watch how markets behave near those levels. For major indexes these levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Indian stock markets are expected to remain choppy and trade within their major support and resistance levels in today’s session.