11 April 2019 (8:50 am IST)
For Indian stock markets, two technical things will be important to watch today:
1. Daily support levels on Bollinger Band indicator, indicated by the middle band.
2. Resistance levels on 1-hour charts, shown by the same middle band of Bollinger Band indicator.
These two levels could mark the opening intraday trading range in bigger indexes because SGX Nifty is trading between these two levels of its own.
Indian stock markets have been slowly declining ever since the reports of a possibly delayed monsoon came through. Yesterday also, Bloomberg reported a sugar production the Indian state of Maharashtra could drop to a three-year low due to prolonged dry weather.
SGX Nifty is already turning negative with the weak global cues, hinting at a negative opening in Indian stock markets today.
Yesterday, Nifty had closed below 11,600 that showed that this index is now easily breaking support levels. Today, Nifty’s support zone will be between 11,530- 11,500. If this index falls below this daily support, then we can expect a bigger decline in Nifty and borader Indian stock markets.
Daily pivot levels for major stock indexes are available on our Pivot Trading page. Day traders can take help of these to check the broader range levels. 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 volatility and remain under pressure on local and global issues. Till now, every bounce has attracted selling pressure so day traders should watch support and resistance zones for trend indications, then trade with the bigger trend (which is down at this time) as long as the trendline remains intact.