10 June 2019 (9:01 am IST)
Indian stock markets found support near there lower levels in the closing session of the last week.
Nifty created trend reversal signals by making a “higher low” on technical charts and crossing above the 20-day moving average of important time frames such as one hour and 15 minutes.
SGX Nifty head rallied in its closing session with U.S. stock markets last Friday, and today this futures index of Nifty is indicating a gap up opening in Nifty and broader Indian stock markets. This will confirm the trend reversal signals that appeared in Indian stock markets last Friday.
However, a gap up opening will take Nifty and other indexes close to their immediate resistance levels and that may create opening volatility in Indian stock markets.
Day traders should now watch support levels and look for opportunities to buy at dips with the trend line. We have provided intraday support and resistance levels on our Pivot Trading page. These levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect Indian stock markets to recover from their previous downtrend, but trade with choppiness and volatility on technical signals. Day traders should cautiously watch both support and resistance level and then trade between these levels with the short term trend line and trend indications.