8 April 2019 (8:22 am IST)
SGX Nifty is slightly lower in early trading. This futures index of Nifty had closed with a gain of 30 points last Friday when Indian stock markets had already closed for the day. That had taken it near range resistance levels and now, it is starting the day & week with negative numbers.
This indicates that Indian stock markets may also open with subdued numbers but after that, the overall trend will depend on how Nifty trades in the later session.
Last Friday, Nifty and borader Indian markets had a jump in the closing hours, indicating a buying support. Nifty had bounced back from its 5-hours support levels and then continued to trade high. Today, that trading range of the previous session will be tested again, either in the up or the downside.
Day traders should let markets create an intraday trend, watch intraday support and resistance levels and then only decide to trade. Our Pivot Trading page has these levels for major indexes. The daily support and resistance levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect a highly volatile intraday trend in Indian stock markets today. These markets are trading near their range resistance levels so the choppiness will be more than usual and day trader should limit their trades and lot sizes.
This is the opening session of the week. So let markets first establish a stable trend and then trade with that trend.