27 November 2020 (7:58 am IST)
Indian stock markets had a volatile trend yesterday, where markets first dropped, then found support at lower levels and rose to close positive.
Nifty once again touched the mark of 13,000 but failed to stay above that and closed below this mark. However, the index covered half of its previous losses and today, SGX Nifty is indicating that Nifty may try to recover remaining losses from Wednesday.
How To Trade Nifty:
- Like we wrote yesterday, Nifty is now trading rangebound.
- Today, its trading range could be between 12,900- 13,000 or 12,900- 12,800.
- Day traders should watch these levels and how Nifty trades between these levels.
- If Nifty trades higher than the previous high, then we can expect it to rise towards 13,000 mark.
- However, if Nifty turns negative then it will be range bound within the previous day’s high and low mark.
- If the index falls below the previous low mark, then it may decline further and retest the 12,790 support.
Indian stock markets are expected to open flat and trade range bound. Global cues are weak, which may also affect the trend on Indian stocks.