19 July 2019 (8:35 am IST)
SGX Nifty is trading with some 30 points gains with positive global cues, indicating a simial positive opening for Indian stock markets too.
Yesterday, Indian stock markets had a negative intraday trend and major indexes closed with big losses. Nifty also lost almost 100 points. We had already written that the index was showing weakness by the way it was struggling near resistance levels.
Last week, Nifty had found it hard to break out of the resistance of 11,600 while rising high from lower levels. But yesterday, while falling from higher levels, this index broke 11,600 (which had now become a support level ) as easily as breaking a dry twig.
Nifty has also fallen below its 20-Day Moving Average on hourly charts, which indicates a short term negative trend in this index and broader Indian stock markets. Nifty has also failed to sustain above the 20-Day MA on weekly and daily charts, which indicates a long term weakness in this index.
Today’s positive opening will this index and broader markets within the previous trading range. Day traders can check intraday range levels for major indexes on our Pivot Trading page. These support and resistance 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 within the previous range, with high levels of volatility. Technical signals are indicating a weakness in these market, the monthly trend is negative in major indexes, but the intraday trend can bounce between major support and resistance levels.