11 March 2019 (9:15 am IST)
Indian stock markets have started this new week with some positive numbers. But major indexes are still near their range resistance levels, so the intraday trend could remain range bound and very choppy
Nifty has become strictly range bound between strong resistance of 11,130 and strong support of 11,000. At least this support level is not going to be broken till a gap down opening pushes Nifty below 11,000.
At the same time, buyers will hesitate unless a gap up opening takes Nifty above its current range resistance level. This situation create a sideways trend in Nifty and broader Indian stock markets.
Day traders should wait for trend signals near support and resistance levels and then follow that short term trend.
We have provided intraday pivot levels on our Pivot Trading page. Use those level to anticipate the intraday trading range of major Indian stock indexes. These levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect a choppy and sideways trend in Indian stock markets, till major indexes clearly break out of their range resistance or support level.