5 December 2018 (8:53 am IST)
SGX nifty is indicating a gap down opening for Indian stock markets today, but the intraday trend may remain choppy and rangebound as markets wait for policy meeting of the Reserve Bank of India.
The RBI will announce its short term monetary policy lat in the afternoon and this can keep markets highly volatile and speculative. Rupee’s trend can turn choppy and with that, major Indian indexes may also trade with choppiness.
On the other hand, if these markets decide to follow global cues, then we may see a continuous decline through the session in major indexes.
Day traders can use intraday pivot levels given on our Pivot Trading page to see support and resistance 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 for markets to stabilize after a gap down opening, then follow the intraday trend within these pivot levels.