1 January 2019 (8:42 am IST)
Indian stock markets are the best in the world– because they are starting their New Year by working & making money!
Most of the other markets around the globe that have shut down on the first day of the New Year, which is my opinion is a stupid way of celebrating the start of something new. It is like shuttering down your business on the first day of its opening.
Anyway, here is wishing a very Happy New Year to all traders, in India and everywhere else. May you make lots & lots of money in stock markets and like Dow Jones, may we see thousand points’ rallies in all major indexes in this new year 🙂
As most of the global stock markets are closed today for the New Year, trading volumes are very thin and it will make the intraday trend slow paced and rangebound in those handful of markets that are open for trading, including Indian stock markets.
Singapore markets are also closed so SGX Nifty is not trading today. We will have to wait and see what kind of opening takes place in Indian stock markets.
Nifty and Bank Nifty have been very narrowly rangebound in last 3-4 sessions, perhaps because Indian rupee has been rangbound too. Today, this currency seems to be on the verge of braking out of this range and USD/INR currency pair is close to falling below its major support of 69.50. If that happens, perhaps it will inspire Bank Nifty to take an uptrend.
Day traders can use pivot levels for major indexes (given on our Pivot Trading page) to see which levels act as today’s trading range. These levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Till now, it seems that Indian stock markets will remain within their previous few sessions’s trading range. But it will only become clear what is on markets’ mind once these markets open and start trading.
Day traders should wait and watch for a clear trading range to emerge. Then trade within that range with the short term trend.