7 June 2019 (8:20 am IST)
Indian stock market had a huge fall yesterday, where major indexes closed with big losses.
SGX Nifty is still trading down and seems reluctant to reverse its downtrend. At this hour, the overall trend has changed to negative in SGX Nifty and Indian stock markets, where monthly, weekly and daily charts -all are showing a downtrend.
However, the intraday trend will depend on how Nifty trades in Indian stock markets after the opening bell. The trendline on hourly charts will be a good indicator whether the downtrend from the previous session will continue, or a trend reversal will take place from support levels. SGX Nifty has been turning lower after touching the hourly charts trendline, and if Nifty also trades in a similar manner then the downtrend will continue.
If Nifty finds support, turns positive and crosses above the hourly charts trendline, then we can assume that an intraday trend reversal has happened.
Day traders can use daily pivot levels given on our Pivot Trading page to anticipate the intraday trading range in major 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 markets to trade with high volatility. There are two trade possibilities for these markets, (a) the previous downturned will continue (b) markets will find support and become range bound within the previous session’s high and low level.
Day traders must follow the trend indications and in a continuous downtrend follow the trend line, or follow the horizontal support and resistance levels if markets turn range bound and trade sideways.