9 July 2019 (8:52 am IST)
Indian stock markets have been crashing down since the last two sessions, and this downtrend is so strong that no technical support is providing any relief to major indexes.
Yesterday, Nifty easily fell and closed below its major support of 11,600. Today SGX Nifty is still trading negative on global cues. This shows that the current downtrend shares very strong in Indian stock market and day traders should only look for opportunities to sell near resistance levels at every bounce.
Intraday support and resistance level for major indexes are given 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 continue with the downtrend. Small traders should not look for support in such a strong negative trend. We will start looking for support only when these markets pause and then start showing signs of a trend reversal.