Nifty outlook 15 Nov 2023
Closing Range - 19329/19556. Extended range 1 - 19246/19639, Extended range 2 -19141/19744
Nifty is facing resistance at 100 DMA as expected and formed a Bearish Harami pattern on weekly time frme and an Evening star candlestick pattern considering last 3 candles on day time frame, which is rare but a strong one indicating an end to an uptrending price. It worthy to note that Nifty formed this negative pattern considering Mahurat day price action having low volume & this may not be very reliable. We should wait for another day's candle as confirmation to this downside pattern. US govt. shutdown fears have returned to news and may drive negative sentiments. Important inflation data for India & US to be released & will impact market in the next trading session. We will adjust the downward trending channel if need be after looking at the next days close.
Possible trade: Do not jump into a trade at immediate opening. Give time to Nifty to settle and take trade keeping low/high of the 1st hour candle as your SL.
P.S. - 0.5%-1% return on capital can be considered good in intraday. Trade with strict SL within the ranges mentioned above.
Nifty is facing resistance at 100 DMA as expected and formed a Bearish Harami pattern on weekly time frme and an Evening star candlestick pattern considering last 3 candles on day time frame, which is rare but a strong one indicating an end to an uptrending price. It worthy to note that Nifty formed this negative pattern considering Mahurat day price action having low volume & this may not be very reliable. We should wait for another day's candle as confirmation to this downside pattern. US govt. shutdown fears have returned to news and may drive negative sentiments. Important inflation data for India & US to be released & will impact market in the next trading session. We will adjust the downward trending channel if need be after looking at the next days close.
Possible trade: Do not jump into a trade at immediate opening. Give time to Nifty to settle and take trade keeping low/high of the 1st hour candle as your SL.
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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