11 September 2019 (8:50 am IST)
Indian stock markets were closed yesterday and SGX Nifty did a lot of volatile trading during that period. This index fell down by 64 points, then rose to recover those losses, and is now flat, exactly where it had closed with Indian stock markets on Monday.
That means we can expect Indian stock markets, especially Nifty, to open near the previous closing levels.
Nifty has been trapped between two strong technical levels. The 20-Day Moving Average on monthly charts (11,050) and the same 20-DMA on daily charts (10,950). That makes this difference the current trading range for Nifty. The big moment will happen only above or below these levels and till that happens, Nifty and broader markets will remain rangebound.
To help with trading the rangebound trend, we have given intraday range levels on our Pivot Trading page. For major indexes, these levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Indian stock markets are expected to trade sideways with global cues. The Indian rupee has also become rangebound and highly volatile. But Indian stocks are expected to follow the trend in bigger markets and trade within their weekly range.