14 May 2019 (8:51 am IST)
Indian stock markets have been following the global trend and falling down relentlessly, but today global cues seem to be stabilizing and thus these stock markets could also turn rangebound.
Let’s look at how you can trade stocks and indexes in Indian stock markets in this session.
The immediate range in Nifty and other major indexes will remain within their previous sessions’ high and low levels. Apart from those levels, there will be a broader range consisting of daily pivot levels. We have provided this pivot levels 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
Based on these levels you can plan an intraday day trading strategy. Stock markets trading today is expected to remain range bound. And the best way to daytrade range bound markets is to watch support and resistance levels and trade with the short term trend within those levels.
Expect Indian stock markets to trade with high volatility and remain within their previous session’s range. The intraday trend will depend on how global cues trade. If global cues continue to remain positive through the session, then these markets will trade within a range and if global cues start falling again, then Indian stock markets will also follow that trend.
Day traders should wait and let markets create their intraday range in the opening hour. In range-bound markets, day traders get chances to trade in both directions. The only thing is to wait for the right time of trade opening.