19 November 2020 (8:04 am IST)
Indian stock markets have traded in a range in the last two session. Especially Nifty has found support at 11,800 and resistance near 11,950.
Today, SGX Nifty is trading lower by 100 points, hinting at a gap down opening in Indian stock markets. After a lower opening, if markets continue to trade lower, then it will be a downtrend and the current range support will be broken. However, if markets reverse and go up after a low open, then the rangebound trend will continue.
How To Trade Nifty:
- As we keep writing, day traders should wait for a clear trend to emerge in Nifty; especially after a gap up or gap down opening.
- If Nifty tries to stay range bound, it will rise after a lower open.
- If Nifty falls below the previous day’s low mark, then it will be in a downtrend and day traders can look for short selling.
We expect Indian stock markets to open with considerable losses on negative global cues. After that, it will be a rangebound or downtrend in these markets.