Nifty outlook 16th Oct 2023
Updated
Closing Range - 19641/19860
Extended range - 19561/19940
Nifty closed just above 20 DMA and has support of 50 DMA at 19607. Nifty closed in green with a high volume on 13th Oct. There was some nervousness at 19800 levels through. Looks like bulls want to eliminate all doubts before moving back into the channel. That's why it came down to fill the left gap. Such things conveys the upward momemtum is going to be high whenever the breakout comes. Traders are still not advised to become complacent through since there is global unrest. Also, there has been times when US market reacts on bad news after a day (remember their inflation no.s were not good on 12th Oct) Bullion & Crude is also on the rise again.
Possible trade: Though we can get a trade on either side of the market but looks like we can get more points on the short side if low of the last session is broken.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
(Date on the video is incorrectly stated as 14th Oct 2023. This video idea is for 16th Oct 2023)
Extended range - 19561/19940
Nifty closed just above 20 DMA and has support of 50 DMA at 19607. Nifty closed in green with a high volume on 13th Oct. There was some nervousness at 19800 levels through. Looks like bulls want to eliminate all doubts before moving back into the channel. That's why it came down to fill the left gap. Such things conveys the upward momemtum is going to be high whenever the breakout comes. Traders are still not advised to become complacent through since there is global unrest. Also, there has been times when US market reacts on bad news after a day (remember their inflation no.s were not good on 12th Oct) Bullion & Crude is also on the rise again.
Possible trade: Though we can get a trade on either side of the market but looks like we can get more points on the short side if low of the last session is broken.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
(Date on the video is incorrectly stated as 14th Oct 2023. This video idea is for 16th Oct 2023)
Note
Boring market till now. Pefect for option sellers!Trade closed: target reached
Nifty closed with the mentioned range.
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