Nifty outlook 22 Nov 2023
Updated
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
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