Nifty outlook 26th Oct 2023
Updated
Closing Range - 19008/19235. Extended range - 18926/19317.
The only data point favouring an up market is that Nifty is around oversold levels. Every other data point leads to a further possible down move. Nifty has formed a downtrending channel. Nifty filled the 1st gap at 19190 & is likely to fill the next gap at 19000 soon before moving to further down towards 18875/18820 zone. Brent & bullion cooleed off but market seems to have discounted it.
Possible trade: Stay away till market settles or take long trade around19000 level with a SL giving a risk reward ratio of at least 1:2.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
The only data point favouring an up market is that Nifty is around oversold levels. Every other data point leads to a further possible down move. Nifty has formed a downtrending channel. Nifty filled the 1st gap at 19190 & is likely to fill the next gap at 19000 soon before moving to further down towards 18875/18820 zone. Brent & bullion cooleed off but market seems to have discounted it.
Possible trade: Stay away till market settles or take long trade around19000 level with a SL giving a risk reward ratio of at least 1:2.
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 reached 18875/18820 zone as mentioned above.
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