Nifty outlook 3 Nov 2023
Closing Range - 19022/19243. Extended range 1 - 18941/19324, Extended range 2 - 18846/19419.
Looks like the Fed event bought bulls back into the system while bears contine to rule, collectively giving a Doji. Middle of the channel is a strong resistance, which Nifty couldn't breach in the last session. That said, Indiavix cooled by 8% indicating a limited downside. Overall there a mixed signals. The next session can be sideways to positive. Cues from Options data aren't meaningful due to Nifty expiry.
Possible trade: Being a Friday, selling Options may not be rewarding sine IVP will be low. Try buying Options for the next weekly expiry if there is a sharp movement in Nifty.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Looks like the Fed event bought bulls back into the system while bears contine to rule, collectively giving a Doji. Middle of the channel is a strong resistance, which Nifty couldn't breach in the last session. That said, Indiavix cooled by 8% indicating a limited downside. Overall there a mixed signals. The next session can be sideways to positive. Cues from Options data aren't meaningful due to Nifty expiry.
Possible trade: Being a Friday, selling Options may not be rewarding sine IVP will be low. Try buying Options for the next weekly expiry if there is a sharp movement in Nifty.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
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