13 March 2020 (8:36 am IST)
SGX Nifty is down by 700 points at the time of writing. Going by the usual pattern of Nifty following the SGX Nifty numbers, we can expect Nifty to open with equal losses.
After that, we’ll have to wait and watch if support comes in, or the short selling continues like previous many sessions.
Traders must follow the trend and if markets continue to fall, then the should follow that downtrend. Even though now investors are getting into markets, small traders MUST follow the trend and start buying only when the trend reverses.
We are not giving pivot levels today because such a deep opening cut will render those levels useless.
If Indian stocks rise after a big gap down, then previous technical levels will become useful again.
If these markets continue to fall, then use the trend line with the downtrend and follow that trend line.
Expect Indian stock markets to open with big cuts. Support or further fall in these markets will depend on global cues.