9 August 2018 (8:51 AM, IST)
Emerging markets like India are teton support due to the U.S.-China trade war. This has triggered an uptrend in Indian stock markets and these markets have been defying gravity by climbing high with every session.
Today also, SGX Nifty is trading slightly positive, waiting for Nifty to open and take an intraday trend.
For day trading in these markets, traders have to keep an eye on support and resistance levels since these markets mostly trade sideways through the session, only making some quick moves after the opening or near the closing bell.
Market volatility may increase now that Bank Nifty is trading near 28,000 and has its weekly Options expiry session today.
Day traders can take help of intraday pivot levels (provided on our Pivot Trading page) to check which way price moves. Individual index levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Andy index below intraday pivot will face weakness while any index trading above its pivot mark will have strength.
Nifty’s intraday pivot is at 11,429. It has resistance near higher levels of 11,560 – 11,510– 11,480. Support is expected near 11,399 – 11,349 – 11,318 levels.
Wait till opening volatile trading settles down and markets create an intraday trend. Then trade with that trend.