2 December 2020 (8:03 am IST)
Yesterday, Nifty surged past 13,100 level and on monthly charts, this index is just a few points away from crossing away the previous month’s high mark. If Nifty opens with a gap up opening today, it can start climbing once again. Otherwise, the index will stay rangebound within the previous month’s trading range.
How To Trade Nifty:
- Nifty traded in a volatile uptrend in the previous session.
- Initially, the index dropped, then took support from 20-day Moving Average on 5-minute charts.
- After that, the index had a slow but steady climb above 13,100.
- Today, day traders should look for a similar support and a climbing trend.
- On daily charts, Nifty is still showing a rangebound pattern.
- But on monthly and weekly charts Nifty is continuously rising.
- For the intraday trading, watch for a rise after a dip near support levels.
- Today, Nifty does not have global support so day traders should ignore global trend, focus only how Nifty trades, and follow that trend.
Indian stock markets are expected to open with some positive numbers as SGX Nifty has now recovered and trading positive with single digit gains. These markets will continue with their previous uptrend, or trade rangebound within yesterday’s range.