Nifty outlook 1 Nov 2023
Updated
Closing Range - 18961/19196. Extended range 1 - 18874/19283, Extended range 2 - 18773/19384.
Nifty closed in red & got a rejection from middle of the channel as expected. Over 1.5 Cr new calls were written on Tuesday which will make it difficult for Nifty to cross 19250 level. That said, we can see Nifty is forming higher highs and higher lows in the last 3 sessions. Closing candle of the next session is likely to give a clear directional sense.
Possible trade: There is high volatality in the market. Options can be written, preferably hedged to cover for sudden price movements.
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 red & got a rejection from middle of the channel as expected. Over 1.5 Cr new calls were written on Tuesday which will make it difficult for Nifty to cross 19250 level. That said, we can see Nifty is forming higher highs and higher lows in the last 3 sessions. Closing candle of the next session is likely to give a clear directional sense.
Possible trade: There is high volatality in the market. Options can be written, preferably hedged to cover for sudden price movements.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Note
IVs are high. Good time to sell Options for skilled traders.Note
2nd half of today's session can be very different from that we had so far. Read market cues carefully.Note
IVs didn't cool yet. Please hedge positions if you plan to carry for tomorrow.
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