12 July 2019 (8:43 am IST)
SGX Nifty is trading flat in this session, waiting for Nifty and Indian stock markets to open and take a trend.
Indian stock markets have been rangebound in the last two sessions and even though these markets had a good bounce-back yesterday, a trend reversal is yet to be confirmed.
As we wrote previously, Nifty needs to cross above and stay above the important level of 11,600. Only then a trend reversal will be confirmed and we can start looking at an uptrend in these markets.
In short term basis, that uptrend had started as Nifty is now trading above the 20-Day Moving Average on the hourly chart. But for long term uptrend, it needs to stay above 11,600 level.
Day traders can find intraday support and resistance levels for Nifty and other indexes on our Pivot Trading page. 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 high volatility and trade within previous important support and resistance levels. Day traders should be cautious and trade with the short term trendline.