Closing Range - 19312/19537. Extended range 1 - 19230/19619, Extended range 2 -19125/19724
Nifty closed in Green with low volumes (maybe due to festival) but couldn't surpass high of the last session. The candle formed conveys indecision on both day & weekly timeframe. 20 DMA down by 20 points since last session & provided support to Nifty. 100 DMA inched 10 points higher & will continue to act as resistance. Nifty recovered towards the end of last trading session indicating demad at 10365 levels. Also, within the downward trending channel, Nifty has a tendency to rise in gap ups & come down with large crashing red candles. If Nifty falls back into the channel, it fill the gaps on the downside or else if global data supports, it can give a close above the high of last trading session and then trend higher again.
Possible trade: Best is to stay away from trading till there is directional clarity on Nifty.
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 Green with low volumes (maybe due to festival) but couldn't surpass high of the last session. The candle formed conveys indecision on both day & weekly timeframe. 20 DMA down by 20 points since last session & provided support to Nifty. 100 DMA inched 10 points higher & will continue to act as resistance. Nifty recovered towards the end of last trading session indicating demad at 10365 levels. Also, within the downward trending channel, Nifty has a tendency to rise in gap ups & come down with large crashing red candles. If Nifty falls back into the channel, it fill the gaps on the downside or else if global data supports, it can give a close above the high of last trading session and then trend higher again.
Possible trade: Best is to stay away from trading till there is directional clarity on Nifty.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.