7 October 2019 (8:14 am IST)
Indian stock markets had a highly negative session last Friday. Today, SGX Nifty is trading with 10-12 points lead, but the trend in Indian stock markets will be decided by how Nifty opens.
Nifty has lost almost all gains it had made two weeks ago when it had broken out of its range. Now it’s sitting just at the top of that old range with the support of 11,090. Once this support is broken, Nifty will be back in its previous trading range where 11,000 was the range-resistance and 10,600 was range-support.
For day trading, we have provided pivot levels 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 choppiness near their previous closing levels. Global cues are already negative, therefore the support looks difficult for these markets. Indian stock markets will be closed tomorrow for the Dussera festival, so it looks unlikely that traders will leave any positive positions open in this news-dominated week.
However, one never knows what market manipulators are planning, so small traders must wait until a clear trend, or support and resistance emerge after the opening bell. After that, they can trade with the short term trend; whichever way it goes.