17 September 2018 (8:22 AM IST)
SGX Nifty is nearly -50 points down in early trading, indicating a similar low opening in Indian stock markets today.
Indian rupee has again fallen against dollar and is now again tumbling towards 73, after some recovery last week. But on Friday, during U.S. session, rupee had closed above 72, and it was enough hint that troubles will return for Indian stocks this week. Rupee is showing weakness on weekly and monthly charts. If it trades continuously lower through the session today, then Indian stocks will also remain under selling pressure.
However, if rupee turns choppy the Indian stock markets may also witness higher volatility. The overall trading range will remain within last week’s high and low levels. Intraday pivot levels for major Indian stock indexes are available on our Pivot Trading page. Separately, 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 currently in a downtrend and are making lower high after every bounce, which confirms this negative trend. In between, there will be sharp bounce backs, specially when major indexes drop in oversold region. This is indicated by RSI in hourly charts. Day traders can take also advantage of those minor reversal to trade long, but the major trend is still down and will remain so till Nifty starts making higher low on daily charts.
For intraday trading today, wait for market volatility to subside after a gap down opening. Then trade with the short term trend.