6 September 2019 (8:35 am IST)
SGX Nifty is trading with 35 points gains with global markets. This indicates that Indian stock markets will open positive but their trend could stay limited within yesterday’s range.
Indian stock markets have not joined the global rally on the US-China trade and yesterday, after some initial gains, these markets lumped to close mostly negative. Nifty was the only major index which closed positive but only with single-digit gains.
Indian stock markets have been trading in a broad range with other global markets. But this week, these markets have created a smaller range near their range support levels which looks fishy. It indicates that major Indian stock indexes are not willing to go higher than this small range. For day trading, you can find range levels on our Pivot Trading page for day trading, 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 trade with high volatility and remain rangebound within yesterday’s trading range. We have to wait patiently and see how the bigger trend develops. Until markets break either the support levels or resistance levels, a sideways trend will continue to dominate Indian stocks.