20 May 2019 (8:47 am IST)
SGX Nifty and open numbers Indian Indian stock markets are indicating to a big gap up opening in Indian stock markets after the exit polls results indicated that the ruling party BJP will gain a majority in recently concluded general election results.
Nifty is expected to open with more than 250 points’ gain, other major indexes are also showing begins in pre-open trading, rupee has also become stronger.
After a gap up opening in such unusual market conditions we can expect two types of friend first Indian stocks will continue to climb higher. Second, markets will turn range bound at near opening levels for perhaps come down slightly on profit booking at a high level.
For day traders, the better trading strategy will start will be to wait for the market to stabilize after the initial volatility is over.
Of course, if the uptrend continues even after the higher opening, then it will be a buying session even for day trading. If markets cool down, then small traders should look out whether support levels are getting stronger or resistance levels, and then trade with the dominating trend for short duration. Indian stock market making because these are just exit poll results and the real results will come on Thursday, May 23rd.
But this week indicates an excellent opportunity to take advantage of market volatility and make some good profits if the big trend continues in these markets.
Intraday pivot levels are given on our Pivot Trading page and most probably markets will open near perhaps about the highest resistance levels. For Major stock indexes these levels are:
Indian stock markets asset for a very big app opening today after that markets this market will either continue with their uptrend or turn volatile within last week closing and today’s opening levels. Day traders must watch how markets behave after the high opening and follow the trend.
As wrote previously, last week had closed positive for these markets and now this week is opening with big gains, so this week’s trend is also up and this month’s losses have almost been erased.
Right now, things are looking very rosy in Indian stock markets and day trader should not go against the trend, which can either turn range bound today or continue to climb up after the big gap opening in these markets.