Nifty Outlook 29th Sep 23
Range - 19392/19653
Extended range - 19296/19749
Very high volumes, bearish engulfing candle, close below 50 DMA & close below bottom of the channel yesterday indicates bears got a good grip on market. That said, will wait for confirmation candle before taking any directional decision on Nifty.
Possible trading for the day -
A short strange can be created once the market stabilises. Sell 5 Oct 19200 PE and Sell 5 Oct 9800 CE and pocket around Rs. 55/-. Book profit at Rs. 40/- and keep a strict SL of 15 points.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
Extended range - 19296/19749
Very high volumes, bearish engulfing candle, close below 50 DMA & close below bottom of the channel yesterday indicates bears got a good grip on market. That said, will wait for confirmation candle before taking any directional decision on Nifty.
Possible trading for the day -
A short strange can be created once the market stabilises. Sell 5 Oct 19200 PE and Sell 5 Oct 9800 CE and pocket around Rs. 55/-. Book profit at Rs. 40/- and keep a strict SL of 15 points.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
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.