21 November 2019 ( 8:58 am IST)
As we wrote previously, Indian stock markets are trading within their last 3 weeks’ range. This range bound trading pattern has been very volatile since major indexes are roaming between their important support and resistance levels.
The support levels have been very strong in this range bound trading pattern. Nifty has been in a minor uptrend and has been making “higher lows” on technical charts. It is now trading at 12,000 which is acting as both resistance and support, making the index highly volatile.
Markets tend to become very volatile in range bound trading pattern, and day traders have to be alert and ready to book profits near minor support and resistance levels. That is how your trading strategy should be in Nifty, as long as this index is range bound.
We have given intraday range level on our Pivot trading page. For major indexes, these levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Expect Indian stock markets to trade with high volatility, with a range bound trading pattern. For day trading, the best trading strategy will be to follow technical signals and trade near minor support and resistance levels for small profits. Big profits will come when markets will trend in any one direction.