17 August 2018 (9:10 AM IST)
Indian stock markets have been trading rangebound this week and that sideways trading pattern will continue in this session too.
Major stock indexes like Nifty and Bank Nifty are showing this rangebound trend quite clearly on hourly charts and day traders can take help of hourly support and resistance levels for their intraday trading.
Also, these indexes have been trading with high volatility within their hourly range. this is excellent day trading opportunity as traders get to trade on both sides; selling at high and buying at low. Instead of pivot levels, Fibonacci levels are more helpful for trading in such conditions.
So, keep an eye on this week’s high and low levels and minor support and resistance levels within this range on hourly chart, then trade with the short term trend within those levels.