14 August 2019 (8:44 am IST)
Indian stock markets will remain closed for their Independence Day tomorrow so weekly Options expiration will happen today. This can increase volatility in these markets.
SGX Nifty had an extremely volatile late-night session when this futures index of Nifty rallied 73 points with US stock markets and then gave up all gains to turn negative.
This indicates that yesterday’s selling pressure is still in place and could affect the intraday trend in Indian stock markets.
After a relentless downtrend, Indian stock markets had a feeble bounce back in the previous week, but in the previous session, that downtrend returned with full force in these markets on negative global cues.
Yesterday, Indian stock markets crashed with big margins as global cues turned highly negative on geopolitical risks. With that fall, the slight bounce-back of the previous week was erased.
Nifty lost nearly 200 points and barely survived 10,900 level. The index fell from the resistance of 20-Day Moving Average and closed below the same MA of monthly charts. This indicates strong resistance persists in Nifty and broader Indian stock markets.
Today, a flat or slightly positive opening could keep Nifty and broader Indian stock markets rangebound. For major indexes, intraday range levels 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 trade with volatility near the previous close in this session.
These markets have failed to sustain the small bounce back and now we have to wait and see when the previous week’s support levels are broken. If, and when that happens, Indian stock markets will proceed to the next stage of their current downtrend. Till that happens, these markets will be trading sideways in this week’s trading range.