Nifty outlook 28 Nov 2023
Closing Range - 19677/19910. Extended range 1 -19592/19995, Extended range 2 -19477/20110
Nifty closed in Red with a Spinning Top candle with low volumes. Maybe traders were not in a mood to take bets before the long weekend. Also, Nifty has given close below the upwards trending channel. This info clubbed with Options data indicate Nifty may slide low in coming days. That said, news based events can push Nifty back in the channel.
Posible trade: Avoid taking trades till Nifty gives a clear directional sense. Positional trades will yield beter profits over intraday.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Nifty closed in Red with a Spinning Top candle with low volumes. Maybe traders were not in a mood to take bets before the long weekend. Also, Nifty has given close below the upwards trending channel. This info clubbed with Options data indicate Nifty may slide low in coming days. That said, news based events can push Nifty back in the channel.
Posible trade: Avoid taking trades till Nifty gives a clear directional sense. Positional trades will yield beter profits over intraday.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
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