Closing Range - 18938/19155. Extended range 1 - 18858/19225, Extended range 2 - 18761/19332.
The bears took some rest in the last trading session. Maybe since the markets were extremely oversold. There was no selling towads the closing - Looks like traders are confident of carrying positions over the weekend even though there is an imp event lined up on the other side. In fact the closing was near days high. Maybe we can see a positive next session. On the flip side, historically whenever Nifty has approached 200 DMA, it has never gone back up without trading below it for a couple of sessions. Lets see if this time could be an exception.
Possible trade: Stay away till market gives a follow up conirmation candle to the last green candle.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
The bears took some rest in the last trading session. Maybe since the markets were extremely oversold. There was no selling towads the closing - Looks like traders are confident of carrying positions over the weekend even though there is an imp event lined up on the other side. In fact the closing was near days high. Maybe we can see a positive next session. On the flip side, historically whenever Nifty has approached 200 DMA, it has never gone back up without trading below it for a couple of sessions. Lets see if this time could be an exception.
Possible trade: Stay away till market gives a follow up conirmation candle to the last green candle.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.