Closing Range - 19298/19523. Extended range 1 - 19216/19605, Extended range 2 - 19112/
19710.
Nifty opened gap up to form a Bullish Kicker candlestick pattern and closed near the upper edge of the downtrending channel. Volumes are slightly below average & closing in the next session 2 sessions is going to be extremely important to decide market direction post this week. Looks like Nifty will break the upper edge of the downtrending channel. Still play safe since there is a concentration of movring averages around 19430.
Possible trades: Go long if Nifty crosses upper edge of the channel on an hourly time frame. keep very strict SL.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
19710.
Nifty opened gap up to form a Bullish Kicker candlestick pattern and closed near the upper edge of the downtrending channel. Volumes are slightly below average & closing in the next session 2 sessions is going to be extremely important to decide market direction post this week. Looks like Nifty will break the upper edge of the downtrending channel. Still play safe since there is a concentration of movring averages around 19430.
Possible trades: Go long if Nifty crosses upper edge of the channel on an hourly time frame. keep very strict SL.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.