12 August 2020 (8:57 am IST)
SGX Nifty is down by more than 100 points at this hour on local cues in India and negative global cues.
In India, there have been overnight riots in the IT city Bangaluru; Saudi oil giant Aramco has said that its deal with Reliance will take time and then there are negative global cues. All these or any of these factors are pushing SGX Nifty down.
However, Nifty is only 33 points down in the pre-open trade so we can assume that Indian stock markets will remain range bound in their session. Nifty may or may not fall 100 points in the opening hour.
Day trades must wait and watch how Nifty trades in the opening hour. They must not assume that Nifty will fall just because SGX Nifty is down. Indian stock markets are highly manipulated and have been on an uptrend recently despite a pile of negative news.
Indian stock markets are expected to open slightly negative and trade with high volatility in the opening hour of trading. The trend will either stay range bound or a short correction will take place on local and global cues.