Closing Range - 19512/19735. Extended range - 19429/19818.
Bears likely to drive market down or reasons listed below -
1. Nifty closed uder 50 DMA, which will act as a resisatance now
2. Gravestone doji candle pattern indicates further down move. We should wait for a confirmation candle though in the next session before taking major directional decisions.
3. Lower high lower low formed by Bank Nifty
We are likely to see 19430 soon on the downside, while 19780 looks difficult to break on the upside.
That said, Gift Nifty has given a green Long Legged Doji signalling a possible trend reversal.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Bears likely to drive market down or reasons listed below -
1. Nifty closed uder 50 DMA, which will act as a resisatance now
2. Gravestone doji candle pattern indicates further down move. We should wait for a confirmation candle though in the next session before taking major directional decisions.
3. Lower high lower low formed by Bank Nifty
We are likely to see 19430 soon on the downside, while 19780 looks difficult to break on the upside.
That said, Gift Nifty has given a green Long Legged Doji signalling a possible trend reversal.
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:
Bears took good control of the market today as anticipated.
Such pointers should be seen considered for tading intraday trades only. Larger directional calls shouuld be based upon levels, data points & macro economic guidances. Happy trading day ahead.