Nifty outlook 13th Oct 223
Updated
Closing Range - 19684/19903
Extended range - 19603/19984
Nifty got rejection from 19840 levels on both 11th & 12th Oct and formed a spinning top candle in the last session, meaning indecision. Indiavix cooled off by another 3.3% today indicating a limited downside. Overall appears to be a sideways move on 13th Oct. Nothing much to read into OI date since today was expiry. At this juncture, Nifty is capable of giving a break out into the uptrending channel or can come down to fill the gap till 19700. Trade basis price action around max pain area during the day or step away for a day.
IT can be a mood spoiler in the next session as well and it does so, we can see Nifty come down till 19700 to fill the gap.
Possible trade: Risk reward is in favour of bulls, so plan your day accordingly.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
Extended range - 19603/19984
Nifty got rejection from 19840 levels on both 11th & 12th Oct and formed a spinning top candle in the last session, meaning indecision. Indiavix cooled off by another 3.3% today indicating a limited downside. Overall appears to be a sideways move on 13th Oct. Nothing much to read into OI date since today was expiry. At this juncture, Nifty is capable of giving a break out into the uptrending channel or can come down to fill the gap till 19700. Trade basis price action around max pain area during the day or step away for a day.
IT can be a mood spoiler in the next session as well and it does so, we can see Nifty come down till 19700 to fill the gap.
Possible trade: Risk reward is in favour of bulls, so plan your day accordingly.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
Note
With 140 points gap down, the further down side is limited. Keep a watch on price action.Note
The first dip is generally bought. Tricky to trade inde today. Best trade - Step aside if you do not find a trade on the long side. That's where risk reward is more favourable.
Note
Got the long awaited long trade. 19l puts written at 19800 in last one hour.
Trade closed: target reached
Looks like Nifty came down to fill the gap as mentioned in the analysis. Remained in the range forecasted.
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