2 March, 2021 (8:32 IST)
Indian stock markets had traded positive yesterday. Today, SGX Nifty was 100 points up in the early trading hours, but now, it’s only 35 points up.
In Indian stock markets, the opening will depend on how high Nifty opens and trades. Indian economy has been churning out better numbers and it could keep these markets afloat in the positive zone. However, the global cues are turning negative and we’ll know only after the opening bell, if Indian stocks trade on global cues or local.
How To Trade Nifty:
- Nifty had a big opening yesterday and went above the Moving Average support on hourly charts.
- If it opens higher in today’s session, then the support will become stronger.
- Despite that, Nifty will be rangebound in the last week’s trading range.
- Day traders should wait for the opening hour to be over, then trade with the dominating trend.
- If Nifty crosses above the previous high, we can expect healthy gains in the index.
- However, if the previous high turns into a resistance, then Nifty may trade within yesterday’s range.
- Wait, watch and trade carefully with stop loss in all trades.
Indian stock markets are expected to open positive and trade rangebound. This could be a bigger range of last week, or a smaller range of the previous session.