9 October 2019 (8:48 am IST)
Indian stock markets have been continuously trading down since the last week. Now, Nifty has reached close to its crucial support zone between 11,100- 11,000. This could turn the trading pattern volatile in this index, and broader markets.
If Nifty fails to find any strong support here, then the previous downtrend will continue. Even if Nifty gets some support near this zone, and these levels, the overall weakness in these markets will keep the trend subdued and under pressure.
Use pivot levels given on our Pivot Trading page for day trading. For major stock indexes, these levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect some volatility in Indian stock markets because of technical support levels. The short term trend could remain rangebound, but the long term trend will depend on how much support Nifty sees at current levels. Stronger support will keep the index rangebound, but weaker support will keep the current downtrend in a dominating position.