Closing Range - 19024/19255. Extended range 1 - 18939/19340, Extended range 2 - 18833/19446.
Nifty gave a green candle showing resilience at the lower levels but with a low volume. It has reached near middle of the channel which can act as a resistance. A third green candle in the next trading session will give a lot of respite to the traders. But traders need caution since the channel is downtrending anyways & Nifty can fall to 200 DMA at slightest negative news.
Possible trade: Stay away till market gives a follow up conirmation candle to the last green candle.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Nifty gave a green candle showing resilience at the lower levels but with a low volume. It has reached near middle of the channel which can act as a resistance. A third green candle in the next trading session will give a lot of respite to the traders. But traders need caution since the channel is downtrending anyways & Nifty can fall to 200 DMA at slightest negative news.
Possible trade: Stay away till market gives a follow up conirmation candle to the last green candle.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Go long around lower levels of closing range mentioned above with a strict SL maintaining a risk reward of at least 1:2.