08 January 2020 (8:43 am IST)
In the last two sessions, Indian stock markets have traded within the same range. Today, SGX Nifty is down by 100 points, but it is not necessary that Nifty will open with similar cuts.
As we saw in the opening session of this week, Nifty had opened with small cuts then traded low through the day. Nifty will either repeat the same pattern or open with deep cuts and then trade sideways in a narrow range.
Our Pivot Trading page has range levels for major indexes. These levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Indian stock markets are expected to follow the negative global trend. Many other factors are going against these markets such as a falling rupee, tumbling economy and now, higher oil prices. Day traders should wait and watch for any opening volatility, then trade with the trend.