5 August 2020 (8:34 am IST)
Indian stock markets have traded highly negative and then highly positive in the last two sessions. Nifty traded 200 points down and then 200 points up. This indicates a range bound trading pattern in these markets. Such patterns are also marked with high volatility.
Yesterday’s highly positive trend in Nifty confirms its uptrend. The indexes desperately needed a minor correction to balance its RSI indicator. That has happened with this week’s earlier negative session and now, we can look forward to more gains in the index.
For today, Nifty will either trade within the previous range (low trend) or jump above the previous high and keep climbing up (positive trend).
We have given intraday pivot levels for major stock indexes on our Pivot Trading page. 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 positive and then trade within the last week’s trading range.
Day traders should wait and watch what kind of trading range develops in these markets, then follow the trend line for intraday trading.