19 August 2019 (8:46 am IST)
SGX Nifty is trading with very mild gains/ flat, within its last week’s range. This index is facing support by 20-DMA on monthly charts and resistance of the same technical indicators on daily charts.
Indian stock markets are also expected to open within their weekly range. In the last two sessions, Nifty had remained very narrowly rangebound, facing the same dilemma as SGX Nifty. Nifty is hanging by the 20-Day Moving Average on monthly charts. This level is neither letting Nifty rally nor let it drop. In the last two sessions, Nifty has traded in a narrow range. We’ll have to see how this index trades today; within the same range or stages a range breakout in any direction.
For intraday range levels, use pivot levels given 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 have been rangebound near their bottom support levels after a long downtrend. This bounce back from support has not been too strong but has been holding up. The Indian economy is racing towards recession and that fact can keep these markets under pressure.
Day traders should wait and watch what kind of intraday trend develops, then follow that trend within lats week’s range.