19 March 2019 (9:23 am IST)
Indian stock markets have become rangebound within last two sessions’ trading range. Especailly Nifty is now trading between 11,530- 11,400 marks.
We had written yesterday that Nifty has a resistance near 11,530 mark and the index turned lower from that resistance. Day traders can expect this index to trade with choppiness within its new range till overbought RSI levels on daily charts cool down to attract bulls again.
Nifty’s broader range can be identified with daily pivot levels. We have provided these levels for Nifty and other major indexes 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
Expect Indian stock markets to remain very volatile as these markets will be closed on Thursday and weekly Options expiry will take place tomorrow. As a result, Option traders will be quick with profit bookings and the intraday trend will show choppiness.
Day traders should look for small trades and quick exits in such volatile trading conditions. Major Indian stock indexes could remain confined in narrow range this week. We’ll have to wait till next week for these markets to take any bigger trend.