Nfty outlook 16 Nov
Closing Range - 19560/19778. Extended range 1 - 19476/19873, Extended range 2 -19372/19977
Nifty opened gap up above 100 DMA which was acting as resistance and took support at 50 DMA 19580. Looks like Nifty has come out of the channel downward trending channel finally & ready to trend up. Next meaningful resistance is at 19865. 19550 will act as a strong support now. Nifty can trend sideways in the next session & the only hesitation now remains the Bearsh Harami candlestick pattern on the weekly time frame.
Posible trade: Expect Nifty to be sideways to positive tomorrow. Trade with a positive bias.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Nifty opened gap up above 100 DMA which was acting as resistance and took support at 50 DMA 19580. Looks like Nifty has come out of the channel downward trending channel finally & ready to trend up. Next meaningful resistance is at 19865. 19550 will act as a strong support now. Nifty can trend sideways in the next session & the only hesitation now remains the Bearsh Harami candlestick pattern on the weekly time frame.
Posible trade: Expect Nifty to be sideways to positive tomorrow. Trade with a positive bias.
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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