14 February 2019 (8:00 am IST)
Indian stock markets are currently trading range bound and keep having minor up and downtrends within that trend. This week, these markets are declining from their range resistance levels.
Yesterday, major indexes fell down sharply near the closing bell. Nifty closed below its support of 10,800 and is now headed towards other supports of 10,700 and 10,600 respectively.
Day traders can use daily charts with Bollinger Band to see bigger support and resistance levels. For short term indications, use pivot levels given 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
SGX Nifty is pointing to a lower opening in these markets at the time of writing. After that, wait to see if markets are indicating stronger support or resistance and then trade in that direction with the short term trend.
Expect a choppy trend in Indian stock markets today. Like Bank Nifty, now Nifty also has weekly Options series and today, these weekly Options will expire. That may trigger more volatility in markets.