Range - 19520/19755
Extended range - 19433/19842
Nifty went far inside the channel in the last trading session but failed to hold & closed just below it in later 2nd half, overall forming a bullish harami pattern. That said, we need to see a confirmation candle today to confirm an upside directional move. Cannot be complacent with Nifty since it closed below the channel for the 2nd day.
Possible trade today -
Let market stabilise and short towards higher levels mentioned above, with strong stop levels maintaining a risk reward ratio of 1:2.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
Extended range - 19433/19842
Nifty went far inside the channel in the last trading session but failed to hold & closed just below it in later 2nd half, overall forming a bullish harami pattern. That said, we need to see a confirmation candle today to confirm an upside directional move. Cannot be complacent with Nifty since it closed below the channel for the 2nd day.
Possible trade today -
Let market stabilise and short towards higher levels mentioned above, with strong stop levels maintaining a risk reward ratio of 1:2.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
Trade closed: target reached:
Nifty took support at the bottom of given range and closed within it.