Nifty Outlook 28th Sep 23
Updated
Range - 19596/18835
Extended Range - 19508/19923
Nifty closed at day's high yesterday indicating that bulls are still in control but caution has to be maintained since below average volume indicate lack of confidence from big hands. Though we got a bullish engulfing candle and a close above previous day's close, we have 20 SMA at 19758, which will act as resistance. Wait for a confirmation candle today to take major trading decisions on direction of Nifty.
Possible trades for trade (do not carry) -
1. Risk reward is in favour of bulls. Buy Nifty Fut on dips close to 19625 with a tight SL of yesterday's low.
2. In case Nifty falls below 19554 on hourly chart and then stabilize, you can create short strangle - Sell 5 Oct 19400 PE & 5 Oct 20050 CE and collect premium of around 37/-. Book profit at 25/- points and keep a strict SL of 15 points.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
Extended Range - 19508/19923
Nifty closed at day's high yesterday indicating that bulls are still in control but caution has to be maintained since below average volume indicate lack of confidence from big hands. Though we got a bullish engulfing candle and a close above previous day's close, we have 20 SMA at 19758, which will act as resistance. Wait for a confirmation candle today to take major trading decisions on direction of Nifty.
Possible trades for trade (do not carry) -
1. Risk reward is in favour of bulls. Buy Nifty Fut on dips close to 19625 with a tight SL of yesterday's low.
2. In case Nifty falls below 19554 on hourly chart and then stabilize, you can create short strangle - Sell 5 Oct 19400 PE & 5 Oct 20050 CE and collect premium of around 37/-. Book profit at 25/- points and keep a strict SL of 15 points.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
Trade closed manually
Nifty closed between bottom of range 1 & range 2
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