17 May, 2021 (8:25 am IST)
Indian Stock Market Trend Analysis Indian stock markets are starting a new week, and today, SGX Nifty is hinting at a positive opening in these markets. Last week, Indian stock markets had bounced from their range bound and made a “higher low” pattern, which is a bullish pattern. Today, whether these markets trade up or down, there trading range will remain within the last 4 weeks’ range.
Indian stock market trading today: SGX Nifty is almost 70 points up at this hour. There are still 45 minutes for Indian stock markets to open, and SGX Nifty may accumulate more gains. All these indicate towards a higher opening.
How To Day Trade Nifty Today:
- Nifty is expected to open higher today.
- This session is also the start of a new week, so the trend after the opening will be more important.
- However, Nifty is expected to stay rangebound despite a higher opening.
- On the upper side, the index faces strong resistance of 15,000.
- On the down side, 14,500 has now become its strong support.
- Day traders should keep in mind the trading range of Nifty (this month’s high and low levels) and trade within those levels.
- The intraday trend will also stay within these boundaries.
- A minor uptrend could emerge within this trading range. Day traders should trade with that trend.
Indian stock markets are expected to open and trade positive today. The weekly trend will stay rangebound and the intraday trend will show minor up or down trend within the weekly levels.