18 March 2019 (9:34 am IST)
Indian stock markets are enjoying their usual pre-election rally, Bank Nifty has already broken out of its yearly range last week, and now, Nifty is trying to catch and cross above its previous record high level.
Last Friday, Nifty and broader markets had a huge rally and then saw some profit booking in the closing hour. But today, Indian stock markets have opened higher to recover that drop of the final hour.
In technical charts, Nifty has s minor resistance near 11,530. Today’s early trading is indicating a support near 11,500. So, this will be its initial trading range. Day traders should look to buy at dips and the long term trend has become very strong in these markets. Only some negative news can now stop or reverse this trend.
As we wrote previously, such strong trends are good for positional trading and taking long positions when markets correct, can bring good for positional or swing traders too.
You can find bigger range levels for 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
Indian stock markets have started this daily and week’s first session with a gap up opening, so the current uptrend is intact in these markets. Markets may turn choppy if global cues change later in the day. So, day traders should follow the uptrend but keep stop loss in all their trades.