12 April 2019 (9:03 am IST)
Indian stock markets had a very narrow trading range yesterday, near the major support level for Nifty.
As we had written yesterday, Nifty has that support zone between 11,500- 11,530. Yesterday, the index bounced from is 11,550 and stayed below 11,600 mark, which now makes it the new resistance level for Nifty.
Today, SGX Nifty is trading lower by nearly 30 points, which indicates that Nifty will again open near previous opening levels and trade with a similar volatile pattern.
Day traders must stay alert for both support and resistance levels at these points and trade only near those levels. This is a narrow sideways trend and till the trend becomes clear (rising from support or declining from resistance), they should stay away from trading. Such narrow ranges are the biggest money-eater for small traders. If the wait for the right trading opportunities, markets will reward them later with big breakout trends.
The intraday trading range can be anticipated with daily pivot levels, that we have given on our Pivot Trading page. These levels for major indexes are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect a choppy and rangebound trend in Indian stock markets. Till Nifty breaks its upper or lower range level, this sideways trend will continue in Indian stock markets.