17 October 2019 (8:55 am IST)
Yesterday the Indian stock market traded in a small range and had a mixed trading pattern.
Nifty has become range-bound between 11,500 and 11,400 levels. The index is showing a positive trend in bigger timeframes, such as weekly, daily, and 5 hours. Below these time frames, the index is showing a choppy and rangebound trend.
Yesterday, Nifty came close to falling below 11,400 level but at that level, 5-hours Moving Average support pushed the index back towards day’s high levels. Traders should watch these higher time frames and how Nifty trades near support levels on these timeframes. That will most probably decide what kind of trend develops in Nifty from here if it continues to find support in bigger time frame charts, or breaches those support levels. As long as Nifty is finding support in higher time frames, the minor uptrend in this index and broader Indian stock markets will continue.
For intraday trading, we have provided daily pivot levels on our Pivot Trading page. For 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 like the previous few sessions. Yesterday’s trend was range-bound, today it can continue in the same manner or take a trend in either direction.
For day trading, watch both support and resistance level and whichever proves stronger, trade with the short-term trend from that level.