28 July, 2021 (7:58 am IST)
SGX Nifty is highly negative, following the global markets, and Indian stock markets will also open with a gap down.
Yesterday, Indian stock markets had a positive opening, but traded in a very small range, indicating that they have now created a lower range top.
How To Trade Nifty Today:
- Nifty had earlier found resistance near 15,900, but now this has come down and yesterday, Nifty showed, it is now finding difficult to break the resistance level of 15,800.
- Day traders should pay attention to new (and lower) support and resistance levels of Nifty and trade between those levels.
- A lower opening in Nifty, as suggested by SGX Nifty, will result in some recovery because of technical reasons.
- But don’t expect Nifty to recover much, since the global trend is also highly negative today.
- It is a session to follow the minor downtrend and that’s what day traders should do.
Indian stock markets are going to open with a gap down, as global stock markets fall. The broader trend is rangebound and Indian stock markets are also trading with minor up and down trends within their own range.