Closing Range - 19283/19505. Extended range 1 - 19202/19587, Extended range 2 - 19104/19685
Nifty formed a long red bar in the last session with decent volumes. Close above the channel in the last 2 days would have been more convincing if body of the candles were bigger. 100 DMA is providing resistane to Nifty as expected and 20 DMA is providing support. Nifty should break one of these in next couple of trading sessions. Since Nifty has negated the bullish candlestick patterns formed in the last 2-3 days, there is not clear sense on the direction of Nifty. Maybe the weekly candle post next trading session will leave some cues for the coming week.
Possible trade: Intraday trades may not give meaningful returns. Best is to stay away from trading till there is directional clarity on Nifty.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Nifty formed a long red bar in the last session with decent volumes. Close above the channel in the last 2 days would have been more convincing if body of the candles were bigger. 100 DMA is providing resistane to Nifty as expected and 20 DMA is providing support. Nifty should break one of these in next couple of trading sessions. Since Nifty has negated the bullish candlestick patterns formed in the last 2-3 days, there is not clear sense on the direction of Nifty. Maybe the weekly candle post next trading session will leave some cues for the coming week.
Possible trade: Intraday trades may not give meaningful returns. Best is to stay away from trading till there is directional clarity on Nifty.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.