Best stratergy when nifty is in a range?

For the better part of the day today nifty was between 3365 to 3385. What is the best stratergy when stocks are in a range from intraday point of veiw as well as a a medium to long term point of view?

The pattern sometime resembles a double/triple top but there seems to be almost now way to guess if it would breakout or breakdown. Any good indicators for this purpose?

Best is to stay away from trading such a tight range of 20 points. Reward Risk ratio does not remain in our favour .
It is reasonable to expect that we can't catch top or bottom of any wave and atleast 30% of wave is already over by the time we have enough facts to take decision after confirmation bars.

If range is a bit wide, then typical rangebound strategy is to Sell Resistance and Buy Support.

Happy Trading

Basically you do nothing, like you said nifty was in the range of 3365 -3385 i.e only 20 points range is not even worth a taking a shot, if you do, you are more likely to get killed, the simple reason being 5-10 points would just be counted as Noise, below/above which you keep a stoploss.
As for trading double and triple tops/bottoms in that range will not even be valid IMO, a perfect double tops/bottom reversal patterns are only established in a wide range and with the presence of trend and there should be ample distance between the two tops/bottoms. Double/triple bar highs/lows are not considered double/triple top/bottom reversals on a smaller time frame, yes if it is on a daily or 4hrly then its worth watching it on a lower TF's.
In regards to indicator, try using a oscillator like MACD to check if there is any divergence comming in, otherwise I simply recommend you to watch the bars/candles closely which may tell you the whole story forming at double/triple tops/bottoms.

Double top/bottoms or triple, it finally went from 3375 to 3445 - 70pts
I didn't catch it. I just didn't know what indicator to look at. 3400 has been a good support/resistance from Nifty so I wasn't thinking it would go much over 3410 or even stay there that long.

What indicators would you look for in such situation for intraday and a similar situation in long term?

I just look at the EMA - 50 & EMA 39 and trade the direction of 50 EMA. if they go flat, I stay away. Normally, i interpret it as if the price is above these 2 EMAs then its bullish and vice versa. i wait it out till a fresh direction is established and dont try to catch the break out of the range. I wait for a dip to get in, the direction is guided by the 50 ema again.

Nice and simple, as it should be.:thumb:

good enough. do you use it for trading?

Soemthing I recently discovered I wanted to add.. MA's (EMA/SMA) work best when their periods are tuned for the chart. what is the TF for your chart? I don't find it very informative in daily chart.

I trade nifty only and i find 5 min to be the best TF as a lot of noise gets discounted. 5 min chart gives the direction of the trade and 1 min provides the entry / exit. SL is again based on 5 min. It makes the SL a bit wide but i exit as soon as i realise that the reason i took the trade is no longer valid. exit even before the SL gets hit if the trade doent move in my desired direction. Incase it moves in my direction, i place a SL just above break even....and then trail it....

I also only trade nifty but with 5 min TF what do you use for SL?

sell a straddle or sell a strangle when nifty is trading in range.
Regards,

Arjun