4 December 2018 (8:42 am IST)
We had warned about a slide in rupee yesterday, and have been writing previously that dollar is about to rise against rupee since it has entered highly oversold territory on daily charts. True to that, dollar rose against rupee and now rupee is trading close to 71 again, putting pressure on India stock markets.
Bank Nifty had a negative closing yesterday but Nifty is still trading within a range. Today’s negative global cues could put pressure on Nifty too and keep Indian stock markets under pressure.
For day trading, we have provided intraday support and resistance levels on our Pivot Trading page which will help day traders decipher the intraday trading range of major indexes. These levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Wait for markets to establish an intraday trend for today’s session, then trade with that trend for short duration since markets may remain choppy like previous many session.