Nifty outlook 27th Oct 2023
Closing Range - 18443/18670. Extended range 1 - 18260/18853, Extended range 2 - 18360/18753.
Nifty closed at day's low with a strong bearish Marubozu candle. The volumes were very high today (can be because of expiry as well though) confirming the negative trend. Nifty seems to be moving towards 200 DMA at 19600 levels. The fact that Nifty is extremely oversold can be the only saving grace to avert it from falling further.
Possible trade: Stay away till market settles.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Nifty closed at day's low with a strong bearish Marubozu candle. The volumes were very high today (can be because of expiry as well though) confirming the negative trend. Nifty seems to be moving towards 200 DMA at 19600 levels. The fact that Nifty is extremely oversold can be the only saving grace to avert it from falling further.
Possible trade: Stay away till market settles.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Feragatname
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