Nifty outlook 31st Oct 2023
Updated
Closing Range - 19024/19255. Extended range 1 - 18939/19340, Extended range 2 - 18833/19446.
Nifty gave a green candle showing resilience at the lower levels but with a low volume. It has reached near middle of the channel which can act as a resistance. A third green candle in the next trading session will give a lot of respite to the traders. But traders need caution since the channel is downtrending anyways & Nifty can fall to 200 DMA at slightest negative news.
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.
Nifty gave a green candle showing resilience at the lower levels but with a low volume. It has reached near middle of the channel which can act as a resistance. A third green candle in the next trading session will give a lot of respite to the traders. But traders need caution since the channel is downtrending anyways & Nifty can fall to 200 DMA at slightest negative news.
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.
Note
Caution never hurts!Go long around lower levels of closing range mentioned above with a strict SL maintaining a risk reward of at least 1:2.
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