Indian Stock Markets Today: Nifty Near Major Support, Trend Still Weak

13 April, 2021 (8:22 am IST)

Indian stock markets had a big crash yesterday.

Today, SGX Nifty is around 50 points higher, but still showing weakness in the trend.

The trend in Indian stock markets will depend on how Nifty 50 trades. This major index is right at its range support level of 14,260 and its trading behavior near this support will decide how broader markets will trade.

How To Trade Nifty Today:

  1. Nifty had been trading rangebound since the last nine weeks.
  2. Yesterday, this index fell by more than 500 points and its RSI became oversold on hourly charts.
  3. Today, Nifty is expected to open positive but its intraday trend will depend on how much buyers’ support Nifty gets near its previous closing.
  4. That, and the oversold RSI on hourly charts are two positive signals.
  5. However, SGX Nifty is still showing weakness so day traders should stay cautious before opening any long trades.
  6. A positive opening will make Nifty rangebound.
  7. So today, Nifty’s opening trend will be rangebound.
  8. However, if Nifty falls below the previous low point, we may see more correction in this index through the month.

Indian stock markets are expected to open with some positive numbers. After that, the intraday trend will stay rangebound or the previous decline will continue.

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