12 February 2019 (9:18am IST)
Indian stock markets have opened with slightly positive numbers, but this week’s trend is down in these markets and major indexes are facing resistance at current levels.
If you check Nifty’s chart, the index has support at 10,870 on daily charts, which was broken for a brief period yesterday. At the same time, the index is facing resistance near 10,930 on 5-hours charts, which it has been unable to break. These two levels are creating the immediate trading range for Nifty. Since the weekly trend is negative for the index, is it possible that short term trend will also be stronger in the same direction.
Day trades can take help of pivot levels provided on our Pivot Trading page and watch which levels are stronger. 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 choppy and mostly range bound intraday trend in Indian stock markets today. Yesterday’s high and low levels will provide trend-clues for these markets. Whichever level is broken, markets will progress in that direction for the rest of the session.
Day traders should wait and see how markets trade near major support or resistance levels, then follow the trend for short duration trading.