Nifty outlook 20 Nov 2023
Closing Range - 19609/19852. Extended range 1 - 19519/19942, Extended range 2 -19415/20046
Nifty closed in Green with high volume but as expected, there was some profit booking from higher levels. This is natural also since Nifty has come up approx. 900 points from the recently lows of 18850. During this down move, Nify can come down to fill the gaps, which were created on the up move. Immediate support is at 19624 & then at 19472., which are fibonacci levels.
Posible trade: Expect Nifty to be sideways to negative tomorrow. Level based trading is likely to work. Trade with 1:2 risk reward ratio.
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 in Green with high volume but as expected, there was some profit booking from higher levels. This is natural also since Nifty has come up approx. 900 points from the recently lows of 18850. During this down move, Nify can come down to fill the gaps, which were created on the up move. Immediate support is at 19624 & then at 19472., which are fibonacci levels.
Posible trade: Expect Nifty to be sideways to negative tomorrow. Level based trading is likely to work. Trade with 1:2 risk reward ratio.
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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