9 September 2019 (9:10 am IST)
SGX Nifty is flat/ negative, indicating a resistance at its current levels. Nifty also faces a strong resistance near 10,960 which is 20-Day Moving Average on daily charts, making it an important level.
If Nifty turns lower from this level, then we can expect at least a minor downtrend till the next support level. Ony above this level, the previous week’s minor uptrend will continue.
Global cues have also turned uncertain and Indian stock markets will remain closed tomorrow, and that can trigger some profit booking near this resistance level. This is a weak trend indication for Nifty and broader Indian stock markets because this will create a smaller range within the current small range near long term support levels.
Day traders can find intraday support levels on our Pivot Trading page. These are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Watch these levels and see which levels are respected by markets and which break down easily. That will confirm how strong today’s minor trend will be.
Expect Indian stock markets to trade with weakness and remain highly volatile. Day traders should wait for markets to create an intraday trend, then trade with that trend. Right now, it seems that this trend could remain down or sideways.