Indian Stock Markets Today: Rangebound, Choppy Trend Continues

24 November 2020 (8:45 am IST)

Indian stock markets will have their monthly Futures & Options expiry this week. That is keeping these markets range bound and choppy.

That is why SGX Nifty did not rally with US stock markets and is subdued even though US stock futures are rallying.

We saw this trend in these markets yesterday also, where Indian stocks dropped after a high open. Today, SGX Nifty is slightly positive, so we can Indian stock markets to open positive. But after that, the trend will stay rangebound within the last 4-5 days’ high and low marks.

How To Trade Nifty:

  1. Nifty will stay range bound and trading this index will involve horizontal support and resistance levels.
  2. As instructed previously, draw¬† these line from the last week’s high and low markets and look for trading opportunities within that range.
  3. From support levels, Nifty is expected to rise and from resistance levels, this index is expected to fall.
  4. Profits could be smaller if Nifty stays rangebound. However, if the index takes a trend (probably down trend) then day traders can expect bigger profits.

We expect Indian stock markets to open with slightly positive numbers. But the trend has been weak since the last week. Today also, the weakness in the trend will continue with high levels of volatility.

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