6 December 2019 (8:48 am IST)
Indian stock markets have been mostly range bound within their last week’s broad range and have made a smaller weekly range this week.
Last Friday and Monday saw Nifty trading in an identical range, where the index opened high and closed low. After that, the last three sessions have also been range bound within the same support and resistance levels. Yesterday, the index closed negative and today, SGX Nifty is indicating a positive opening. That means the range bound trend will continue for this index.
Yesterday’s RBI policy declaration brought new worries for Indian stocks as the central bank cut its growth forecast and did not go for a rate cut as markets were expecting. That could put pressure on these markets. BUT- we know these markets are highly manipulated so traders must not assume that markets will fall, and strictly trade with the trend.
We have provided pivot 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
Indian stocks are expected to trade sideways within the last week’s trading range. Markets may remain highly volatile.