Nifty outlook 6th Oct 2023
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Closing Range -19433/19656
Extended range - 19351/19738
Nifty formed a spinning top candle today conveying an indecision but since it occured at a downtrend, it is likely to give ccnotrol to the bulls tomorrow and a short covering cannot be ruled out if global markets support. That said, 19600-19620 is a strong resistance zone where 50 DMA is placed. 19350 is unlikely to bebroken on the down side.
Possible trade can be on the long side if 19620 is broken on the hourlly time frame. We can get around 90-100 points. Else, short strangle 100 points above and below of day ranges mentioned above can be createdwith a strict SL maintaining a risk reward ratio of 1:2.
P.S. - 0.5%-1% return on capital can be considered good in intraday..
Extended range - 19351/19738
Nifty formed a spinning top candle today conveying an indecision but since it occured at a downtrend, it is likely to give ccnotrol to the bulls tomorrow and a short covering cannot be ruled out if global markets support. That said, 19600-19620 is a strong resistance zone where 50 DMA is placed. 19350 is unlikely to bebroken on the down side.
Possible trade can be on the long side if 19620 is broken on the hourlly time frame. We can get around 90-100 points. Else, short strangle 100 points above and below of day ranges mentioned above can be createdwith a strict SL maintaining a risk reward ratio of 1:2.
P.S. - 0.5%-1% return on capital can be considered good in intraday..
Ghi chú
Please wait for RBI policy today before taking any trades today. Especially be caraefully on the banking/financal sector.Ghi chú
Also, do not carry any directional trades today since US jobs report will come post our market closure today.Đóng lệnh: đạt mục tiêu
Nifty spent most time around the upper edge of range 1. Long trade worked too today.
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