Nifty outlook 9 Nov 2023
Closing Range - 19292/19519. Extended range 1 - 19208/19603, Extended range 2 -19095/19716
Nifty formed another Hammer and closed outside the downward trending channel for the 2nd day. Also, the close is above 20 DMA which will now act as a support 100 DMA at 19469. Next trading session will be volatile owing to Nifty's weekly expiry. This may put Nifty to the final test as far as the downward trending channel is concerned. Expect tomorrow's Nifty expiry from sideways to positive.
Possible trade: Trade with poistive bias unless market give negative surprises. IVs are not conducive to Option trading.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Nifty formed another Hammer and closed outside the downward trending channel for the 2nd day. Also, the close is above 20 DMA which will now act as a support 100 DMA at 19469. Next trading session will be volatile owing to Nifty's weekly expiry. This may put Nifty to the final test as far as the downward trending channel is concerned. Expect tomorrow's Nifty expiry from sideways to positive.
Possible trade: Trade with poistive bias unless market give negative surprises. IVs are not conducive to Option trading.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
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