Closing Range - 19120/19339. Extended range 1 - 19039/19420, Extended range 2 - 18941/
19518.
Nifty is inching awary from 200 DMA in every session but the real test will be when it reaches the top of the downwards trending channel. Unless we see a close above the channel on a day time frame and preferrably with another day's confirmation cancle, we need to be cautious in taking trades.
Possible trade: Selling Options in market's direction can be rewarding tomorrow post 1 hour of candle. But keep quantity low and trades intraday only. Follow the ranges mentioned above.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
19518.
Nifty is inching awary from 200 DMA in every session but the real test will be when it reaches the top of the downwards trending channel. Unless we see a close above the channel on a day time frame and preferrably with another day's confirmation cancle, we need to be cautious in taking trades.
Possible trade: Selling Options in market's direction can be rewarding tomorrow post 1 hour of candle. But keep quantity low and trades intraday only. Follow the ranges mentioned above.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Trade closed: target reached:
Nifty traded exactly between upper day range 1 and 2.
Comment:
Dates wrongly mentioned as 4th/5th Nov in heading and on video. Correct date is 6th Nov 2023.