Nifty outlook 20th Oct 2023
Updated
Closing Range - 19512/19735
Extended range - 19429/19818
Strong resistances of 20 & 50 DMA in 19623-19659. Unless there is a gap up, Nifty will struggle to go past 19660. For any meaningful upward movement, 19700 should go past on hourly chart. Volumes were decent Nifty formed a near Inverted hammer. Downside support is there at 19500 & 19430 for now. Be cautious in taking trades.
Avoid taking any trades till Nifty stabilizes.
Extended range - 19429/19818
Strong resistances of 20 & 50 DMA in 19623-19659. Unless there is a gap up, Nifty will struggle to go past 19660. For any meaningful upward movement, 19700 should go past on hourly chart. Volumes were decent Nifty formed a near Inverted hammer. Downside support is there at 19500 & 19430 for now. Be cautious in taking trades.
Avoid taking any trades till Nifty stabilizes.
Trade closed: target reached
Nifty closed within our range and remained sideways most of the time today as mentioned yesterday.
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.