20 May 2020 (8:12 am IST)
Like other markets, Indian stock markets too have been trading sideways since the last two weeks.
This week, a new, slightly lower range has formed in these markets which show weakness.
On Monday, Indian stocks had a big downtrend and yesterday, markets traded within that bigger range. Today also, we expect Indian stock markets to trade within the weekly range or fall below the lower point of this week.
We have provide intraday pivot levels on our Pivot Trading page. These are useful for trading sideways markets. These levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Indian stock markets are expected to open flat. A higher open will face resistance and a lower open will find support like previous many sessions. Day traders should base their day trading strategies based on the minor trend in markets, which can change multiple times through the session, as we saw in these markets yesterday.