13 September 2019 (8:36 am IST)
yesterday, we had warned our readers that Nifty was creating negative signals and facing “significant resistance at weekly 9-DMA near 11,077.”
True to that, Nifty reversed its trend even after a higher opening and closed highly negative fro the day. Bank Nifty, which was highly positive as the Indian rupee recovered smartly, also gave up most of its gains as Sensex and Nifty both tumbled.
Today, SGX Nifty is trading negative, near its previous low mark which indicates that Indian stock markets may continue their previous downtrend. In the last few weeks, these markets have been strictly rangebound ina broad weekly range and have been having minor up and down trends within that range. It seems that now these markets have finished their minor uptrend and have started another minor downtrend.
In between, there will be many support levels and bounces, but traders can now focus more on resistance levels and look for selling opportunities.
You can find intraday range levels on our Pivot Trading page, which 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 under pressure as global cues also turn choppy and subdued. Nothing is ever certain in markets, but at this hour, it looks like these markets are completing the cycle of a minor downtrend from range resistance levels after a minor uptrend from the range support levels.
Day traders should wait and let markets cerate an intraday high and low, the trade in the direction of whichever level is broken first.