26 November 2019 ( 8:47 am IST)
Indian stock markets bounced back from their support levels yesterday, and continued with a huge rally to break out from their previous range resistance levels.
Today also, SGX Nifty is trading with good gains, indicating another higher opening for Indian stock markets. Yesterday’s closing should provide a support to major indexes and day traders should wait and watch this support level in early trading. After a gap up opening, usually some cooling down happens when markets indicate if they are going to climb up in a trend, or turn range bound. A trend line can be used to see this.
Indian stock markets may remain range bound till the Supreme Court’s decision about the Maharashtra political crisis At 10:30 a.m. later today. Or, these markets will follow the global cues and continue with their previous uptrend. If major indexes trade below their previous closing, the trend will remain range bound.
For day trading, use intraday support and resistance levels 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
Indian stock markets are expected to continue with their previous rally, if nothing goes wrong. Day traders should wait and watch how the intraday trade develops. Any bounce after a dip will confirm the uptrend. If major indexes turn negative, it will be a sideways trend for these markets, within the previous trading range.