Nifty outlook 23 Nov 2023
Updated
Wealthe.in
Closing Range - 19688/19933. Extended range 1 -19599/20022, Extended range 2 -19494/20127
Nifty formed a Hanging Man candle in the last trading session, indicating price reversal but this will be cconfiirmed only after a confirmation candle in the next session. Falling Vix indicates that downside is limited & if the confirmation to the Hanging Man candle fails on day timeframe, it will be good opportunity to enter longs. 19850 & then 19910 are strong resistances & once broken, Nifty can rise to 20050 thereafter soon. Overall Nifty is in an up move and traders can apply buy on dips strategy.
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.
Closing Range - 19688/19933. Extended range 1 -19599/20022, Extended range 2 -19494/20127
Nifty formed a Hanging Man candle in the last trading session, indicating price reversal but this will be cconfiirmed only after a confirmation candle in the next session. Falling Vix indicates that downside is limited & if the confirmation to the Hanging Man candle fails on day timeframe, it will be good opportunity to enter longs. 19850 & then 19910 are strong resistances & once broken, Nifty can rise to 20050 thereafter soon. Overall Nifty is in an up move and traders can apply buy on dips strategy.
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
Date is incorrectly mentioned as 22 Nov 2023 in the video. The analysis is for 23 Nov 2023.Trade closed: target reached
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