30 July 2019 (9:40 am IST)
Indian stock markets have opened positive in today’s session, but their overall trend is strongly negative and day traders should watch both support and resistance levels for trading in this session.
We have provided these 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
Indian stock markets are in the grip of a strong downtrend. Bank Nifty showed some support last week but Nifty is falling like a waterfall. Nifty’s trading range is continuously turning lower. A few sessions ago, the index was trading between 11,400- 11,300. Then the range fell between 11,300- 11,200 and yesterday Nifty dropped lower to create a new range between 11,200- 11,150.
Today, Nifty is rising from yesterday’s support levels and it will be interesting to see if the index can sustain this initial positive trend.
The downtrend in Indian stock markets is very strong and until now, there has been no strong support which will help day traders in long trends. So, day traders should trade with the opening positive trend but at the same time, stay cautious about resistance levels too.
Expect Indian stock markets to trade with volatility and in a sideways trend where markets will have the previous trading range as today’s range too.
Yesterday’s negative closing hs created a negative weekly trend for these markets. As long as yesterday’s high levels are not crossed by major indexes, this negative weekly trend will continue. Any index that falls below its previous low mark will see an intraday negative trend too.