15 May 2019 (8:50 am IST)
SGX Nifty is trading flat in this session, waiting for Nifty to open with the Indian stock markets and decide on its trend.
Although, on technical charts, the trend reversal signals have appeared and technically, a positive trend should start from here. But global stocks are following the trend in U.S. stock markets and those markets are trading based on news related to the U.S.- China trade deal. That means, there is no certainty of which way the trend will go.
In the last two sessions Indian stock markets have traded in a fixed range so one can safely assume that today also that range will become the immediate trading range of Indian stock markets. If Global cues continue to trade positively then we can hope for more gains in major Indian stock indexes.
We have provided intraday range levels on our Pivot Trading page. For major stock indexes, these levels are :
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect Indian stock market to build on yesterday’s support is global cues continue to trade positive. World stock markets have long been in the oversold territory and support in U.S. stock markets is helping global cues also.
The trend is still down but the support has started coming in Indian stock markets. Day traders should watch support and resistance levels then whichever becomes strong follow, trade in the same direction with the trend line.