17 July 2019 (8:33 am IST)
As we had discussed yesterday, Indian stock markets were waiting for Nifty to break out of its range, which happened in the previous session and in the index and broader markets closed positive.
Nifty closed above 11,660 thus establishing a short term uptrend, but this positive trend looked weak and volatile. Nifty is still close to its weekly resistance cerated by 20-Day Moving Average and can turn rangebound at current levels.
Day traders should cautiously watch both support and resistance levels on hourly charts. Nifty will remain in a positive trend as long as trades above the 20-Day Moving Average on hourly charts.
We have provided intraday pivot levels on our Pivot Trading page. These levels can help to find range levels for intraday trading. Find these levels here:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect Indian stock markets to follow the trend in Nifty, It was an uptrend yesterday but not as strong as we are used to seeing in Nifty.