Today’s Pivot levels for Nifty:
(Last update: Based on closing prices on 03 August 2020)
For day traders in Indian stock markets, Nifty is the most popular index for intra day trading and index trading. And this is where most of the day traders lose most of their money due to unawareness of how Nifty trades.
If traders observe Nifty support and resistance levels everyday, they will find that Nifty behaves in a particular manner in any trading cycle. This cycle can be one week to many months long. Once you recognize the current trading pattern in Nifty, it becomes easy to day trade with the help of Nifty pivot points.
All you have to do is, observe Nifty AFTER its closing bell, and compare its pivot levels given before the opening bell. Index traders can easily identify the current range and how the index is trading by observing these pivot levels, especially in range bound markets.
( R= Resistance, S= Support)