15 March 2019 (8:46am IST)
Indian stock markets are taking a breather after a steep rally, and have turned rangebound in short time frame.
Nifty is trading close to its major Fibonacci level of 11,400. To breakout of this level, the index need to correct slightly so that its overbought RSI levels also become normal. After that, the index will again rise and try too breakout of this technical resistance.
Day traders can take help of intraday pivot levels, given on our Pivot Trading page, to check the support and resistance levels of 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 till Nifty breaks out above 11,400 mark. Till then, this index and broader markets may turn rangebound.