18 February 2019 (8:49 am IST)
As we had discussed in our previous post, Indian stock markets are trying to bounce back from their range support levels but the short term resistance levels are still active. This can keep Indian stock markets choppy between important support and resistance levels.
For Nifty 10,700 and 10,750 are immediate support and resistance levels. If Nifty crosses above the 10,750 mark, it will enter an uptrend on 1-hour charts which will be a strong positive signal for the index and broader Indian markets.
Till that happens, traders should carefully watch support and resistance levels and wait till Nifty signals which way it intends to go.
To know intraday trading range, day traders can use pivot points given on our Pivot Trading page. Here are these levels for major indexes:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect a choppy intraday trend for Indian stock markets as major indexes will struggle between range support and near term resistance levels. the immediate trading range will be between previous high and low levels and day trader should follow the short term trend between these levels.