Nifty Outlook 29th Sep 23
Range - 19392/19653
Extended range - 19296/19749
Very high volumes, bearish engulfing candle, close below 50 DMA & close below bottom of the channel yesterday indicates bears got a good grip on market. That said, will wait for confirmation candle before taking any directional decision on Nifty.
Possible trading for the day -
A short strange can be created once the market stabilises. Sell 5 Oct 19200 PE and Sell 5 Oct 9800 CE and pocket around Rs. 55/-. Book profit at Rs. 40/- and keep a strict SL of 15 points.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
Extended range - 19296/19749
Very high volumes, bearish engulfing candle, close below 50 DMA & close below bottom of the channel yesterday indicates bears got a good grip on market. That said, will wait for confirmation candle before taking any directional decision on Nifty.
Possible trading for the day -
A short strange can be created once the market stabilises. Sell 5 Oct 19200 PE and Sell 5 Oct 9800 CE and pocket around Rs. 55/-. Book profit at Rs. 40/- and keep a strict SL of 15 points.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
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