11 February 2019 (9:03 am IST)
Indian stock markets tried but failed to breakout of their current range and are now declining from resistance levels towards support levels within that range.
Day traders can check the trading range on 5-hours charts and then trade within that range on smaller time frames like 15- minutes or 5-minutes. Although our recommendation will e to use only 1-hour or 15- minutes charts. Below these time frames, volatility becomes very high and 5 or 1-minute charts should be used only to check RSI for trade entry.
We have provided intraday pivot levels on our Pivot Trading Page. Use these numbers to anticipate the intraday trading range of 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 expected to trade lower with the global cues, but the intraday trend may remain choppy. So day traders should wait for a recovery in markets and should start trading only when markets have stabilized after initial opening session.
Short selling looks better trading strategy at this time, but never, never sell when markets have fallen. Wait for a bounce and after that, when markets AGAIN turn down (confirmation of the trend) then start trading with the downtrend.