16 September, 2021 (8:32 am IST)
Indian stock markets rallied in their previous session, and staged another breakout from their last week’s range.
This proves that Indian stock markets are continuing their uptrend in spite of the global volatility.
Today SGX nifty is showing some minor negative points, so we can expect Indian stock markets to open flat. The best trading strategy for these markets is to wait, when markets become rangebound, and buy when major indexes open above the range level, as has been happening since the last two days.
How To Day Trade Nifty Today:
- Nifty has been giving continuous chances to day traders of earning big profits.
- But these profits are coming in fits and starts, not in a continuous way.
- So day traders should wait for Nifty to dip to a support level, then buy long positions.
- Nifty has crossed 17,500 mark and now it is proceeding towards 18,000 mark.
- It will not be surprising if Nifty touches the 20,000 mark by the year end.
- Nifty had spent a long time trading below the 16,000 mark. We had written at that time; longer the range bound trend, stronger will be the breakout.
- That is what we are witnessing in Nifty now.
- So wait for Nifty to start bouncing back from the support level, then buy.
- Until then, just wait and watch how Nifty moves.
Indian stock markets are expected to open flat in this session. Today will be Bank Nifty and Nifty’s weekly options’ expiry session, so markets may remain volatile and range bound in the opening session. Afterwards day traders should watch if Nifty starts climbing again? Then they can open long positions.