Nfty outlook 8 Nov 2023
Updated
Nifty formed a bullish Hammer today with decent volume giving confirmation to the Bullish Kicker candlestick pattern formed yesterday. All these helped give Nifty a close just above upper edge of the channel. Though a confirmation candle in next session will confirm if the bullish move will continue, but Nifty is likely to remain in a positive territory, though at a slow pace since 20, 50 & 100 DMA are cuttered just above 10406.
Possible trade: IVs do not support Option selling and since market may lack momentum, Options buying can also be risky due to theta decay aorund expiry. Can buy Future in 2nd half if market sustain above the close of last trading session.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Possible trade: IVs do not support Option selling and since market may lack momentum, Options buying can also be risky due to theta decay aorund expiry. Can buy Future in 2nd half if market sustain above the close of last trading session.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Note
Closing Range - 19292/19519. Extended range 1 - 19208/19603, Extended range 2 -19095/19716
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