15 January 2020, (9:07 am IST)
In the last two sessions, Indian stock markets have been trading in a very narrow range. Especially Nifty had been in a “no trading zone” going by its very narrow and straight range.
Yesterday, after trading in a straight line (check 30-minutes charts), Nifty jumped and broke out of this range but the gains were equally small.
Their rangebound manner shows that Indian stock markets are waiting for some big event. It could be the Union Budget, the RBI meeting or anything else.
If this kind of narrow range continues, then it will be useless to trade. If the range becomes broader, then take the help of pivot levels on our Pivot Trading page. These levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Indian stock markets have been going higher without any foundation. Nifty has gone above 12,360 without any support. Some correction is expected in these markets but that may or may not happen. Day traders must follow the trend whether it goes up or down because trading with the trend is the best day trading strategy.