15 October 2020 (8:18 am IST)
Indian stock markets have turned range bound as Nifty trades between 12,000 and 11,800. Global cues are subdued and as we wrote yesterday, the so called stimulus from the Finance Minister was more of “meh” than anything worth cheering.
Indian stock markets are expected to follow global cues and trade cautiously until after the results of the US presidential elections 2020. After that, these markets will also follow the wave in US stock markets, whether it rises up or crashes down.
How To Trade Nifty:
- Nifty is showing a clear sideways trend.
- This trend is obvious in hourly charts.
- Day traders should use the trading strategies suited for sideways trend.
- That would mean, selling near strong resistance and buy near support.
- Use hourly chart to define these support and resistance levels, then trade with 5- minutes or 15- minute charts.
Indian stock markets are expected to open with mildly positive numbers and trade within this week’s range. We can expect this range bound trend till the first week of November and after that, a big trend could jolt these markets