16 July 2019 (8:37 am IST)
SGX Nifty is trading flat in the early trading hours of this session, indicating that Indian stock markets will continue their current rangebound and volatile trend.
These markets had a mixed trend yesterday where Bank Nifty closed negative but other major indexes closed with positive numbers, including Nifty.
Indian stock markets have been rangebound since the last week after a short term downtrend. Nifty seems to be under pressure, as this index is trading below the 20-Day Moving Average on weekly charts. This technical level comes near 11,634 and Nifty continues to stay below this level. On the other hand, the index is finding strong support near 11,500 and thus, has become strictly rangebound between these two levels. One of these levels will have to give in for Nifty to take a trend and then only the broader markets will also start trending in any one direction.
Day traders can find intraday range levels 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 with high volatility and remain rangebound as long as Nifty stays within its current trading range. Day traders should watch both support and resistance levels and trade with the dominating trend within those levels.