15 September, 2021 (8:26 am IST)
Indian stock markets are continuing with their almost straight sideways trend. These markets had opened with higher numbers yesterday, but failed to sustain those levels and closed down within their current range.
Today, worldwide stock markets are trading mostly negative, but Indian stock markets, especially Nifty, are expected to continue their sideways and volatile trend.
The Indian rupee is also falling against the dollar, which may affect the banking and IT stocks.
How To Day Trade Nifty Today:
- Nifty is trading within its narrow, weekly trading range.
- For intraday trading in this index, use the weekly support and resistance levels.
- Although support levels are still holding in Nifty, now resistance is attracting more sellers.
- This can be used as the short term, intraday trading strategy.
- Nifty had been range bound from February till August and after one month of uptrend, in which the index broke both 16,000 and 17,000 marks, this index has now again become range bound.
- Day trading in Nifty is not getting much profit for day traders, but this is a test of their patience.
- Nifty trading is a business, it will have its own seasons.
- Do not treat it like a job where you go to market and start trading Nifty everyday with the opening bell. That is the sure shot of destroying your trading capital.
Indian stock markets are expected to open flat and trade sideways like the previous many sessions. The Indian rupee is weakening against the dollar which will add to the volatility in Indian stock markets. For day trading, use tools like pivot and Fibonacci levels and trade between weekly support and resistance levels.