13 May 2019 (9:07 am IST)
Last Friday’s session had provided hope that the Indian stock market will now find support and stabilize at current levels, but now the downward spiral in the global stocks had again put these markets under pressure.
Last Friday Bank Nifty had closed with big gain and Nifty had also stabilized near its support level of 11,250. The best stock trading in such condition would be to look for support near current levels.
Today’s pre-open number or not indicating any big loss and Indian stock markets, so let’s keep our fingers crossed and see how Bank Nifty and Nifty trade after the opening bell.
There has been enough profit booking in global stock markets and it is expected that different markets will now start seeking their technical support. However, if that support does not come then the downward trend will continue and traders should follow that trend.
We have provided intraday support and resistance 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
Expect a volatile intraday trend in Indian stock market as major indexes struggle to find technical support while the global cues remain negative.
The best trading strategy for day traders will be to wait for markets to create a trading range and then buy or sell near support and resistance levels of that range. This strategy will be only if the Indian stock markets turn range bound. If the downtrend continues, then it will be only selling near the high levels.