Nifty 50 IndexUpdated Nifty outlook 22 Nov 2023
Closing Range - 19656/19909. Extended range 1 - 19565/20000, Extended range 2 -19446/20119
Price has a tendency to converge to Moving averages indicating a down move now. The candle formed is a shooting star when viewed independently but at the same time the pattern is a Bullish Kicker. Mixed signals for now. On the down side, 19600 is a strong support as per Options data & weekly chart.
Posible trade: Avoid taking trades till Nifty gives a clear directional sense. Go long at 19600 if we reach there. Trade with 1:2 risk reward ratio.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Price has a tendency to converge to Moving averages indicating a down move now. The candle formed is a shooting star when viewed independently but at the same time the pattern is a Bullish Kicker. Mixed signals for now. On the down side, 19600 is a strong support as per Options data & weekly chart.
Posible trade: Avoid taking trades till Nifty gives a clear directional sense. Go long at 19600 if we reach there. Trade with 1:2 risk reward ratio.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Note
There is a lot of action in Primary Market starting today. 1 IPO is already open and 5 new opening today. In such times, we can see money coming out from the secondary market and move into the new IPOs, especially when markets are directionally unclear.Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.