6 November 2018 (8:34 AM IST)
Although SGX Nifty is trading with marginal gains before the opening of Indian stock markets, this futures index on NSE Nifty has been in a continuous decline since its higher opening earlier today. This decline is both due to choppy global cues and a technical resistance.
Indian stock markets are currently in a downtrend and recently, these markets saw a technical bounce back, thus creating a smaller range within their downtrend. Nifty is trading near the high levels of this new range and has been hesitating in crossing a resistance zone of 10,500- 10,550.
Bank Nifty has been getting a better support as dollar fell and Indian rupee has also been getting support recently.
Global markets are now choppy and rangebound and these factors will also keep Indian stock markets volatile and rangebound. These markets will remain close for next two days on occasion of Diwali, and Bank Nifty will have its weekly Options expiration today because Indian stock markets will remain closed on Wednesday and Thursday on occasion of Diwali. That can also add to the volatility in these markets.
Day traders can use intraday pivot levels to see the support and resistance in major indexes. These levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect a highly volatile, mixed and mostly rangebound intraday trend in Indian stock markets today. Global cues may dominate the trend in Indian stock markets too.