10 July 2019 (9:02 am IST)
The current trend in the Indian stock market is negative but major indexes have become range-bound near their support levels after big drops in the last few sessions.
From here these markets can take two directions. One, the support will start getting stronger and a trend reversal will take place. Two, the negative trend will continue to dominate and after a small bounce back, by these markets will again return to the downtrend.
The trend reversal will come when any index starts trading above the 20-day Moving Average on its hourly chart. For example, for Nifty this level comes Around 11,600, which was the previous support and now has become a resistance level.
So, for Nifty the trend reversal will happen when it starts trading above 11,600 and sustains above this level. Otherwise, this will continue to be a current resistance for Nifty.
Intraday support and resistance levels are provided on our Pivot Trading page. For major indexes, 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 in a range-bound manner near their current level. Market volatility will also remain high.