1 January 2020 (8:52 am IST)
Yesterday, Indian stock markets fell in their closing hours and Nifty broke its strong support of 12,200. On daily charts, Nifty is now making “double top” formation which is a negative signal.
But we all know these markets are highly manipulated and do not always follow the technical signals. So day traders must follow the trend whether it goes according to the signals or against the signals.
Overall, Nifty and broader markets are still in a broad range. This range is clear in Nifty’s 5-hours charts where 12,130 is the low point from where the index had bounced back on the previous occasion.
Take advantage of the intraday range levels provided 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 remain volatile and trade within the previous range. A fall below the previous low mark will see a continuation of yesterday’s downtrend. Otherwise, the trend will stay sideways.