16 August 2019 (9:20 am IST)
Indian stock markets were closed yesterday and escaped the big volatility in global stocks.
Today, these markets have fallen immediately after the feeble opening.
On Wednesday, these markets had a positive session but resistance levels kept their gains restricted. For Nifty, 11,000 seemed a difficult level to pass and the index kept below it in spite of support near 10,930. Daily line charts are showing a “lower high” formation in Nifty at 11,100 and then 11,000 levels which usually indicates a downtrend.
As we wrote previously, Indian stock markets had a feeble bounce back after a severe downtrend and now that downtrend is back. For Nifty there are only two support levels; 10,924 and 10,850 after which a new wave of the current downtrend can hit this index and broader Indian stock markets.
Intraday pivot levels are important technical levels where the price usually makes significant moves. These levels are given on our Pivot Trading page and are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Indian stock markets are currently rangebound in a very narrow range near their lowest support levels. Day traders should wait and watch both support and resistance levels of this range. Buying is weak but selling pressure is strong so selling near high/ resistance levels makes for a good intraday trading strategy.