Nifty outlook 5th Oct 2023
מעודכן
Range - 19317/19554
Extended range - 19231/19640
Nifty bounced from lower level of the newly formed channel and faced resistance from its middle, ending up to form a Hammer today. This indicates that we can have a bullish day on 5th Oct. 19500-19550 is likely to act as a resistance zone on the up side, while down side should be restricted to 19350 which is the lower levels for 4th Oct.
Possible trade - Since Nifty is likely to trend withing 19350 - 19550 range, we can create a short strangle for 12th Oct expiry 100 points far on both sides, with a strict SL maintaining a risk reward ratio of 1:2.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
Extended range - 19231/19640
Nifty bounced from lower level of the newly formed channel and faced resistance from its middle, ending up to form a Hammer today. This indicates that we can have a bullish day on 5th Oct. 19500-19550 is likely to act as a resistance zone on the up side, while down side should be restricted to 19350 which is the lower levels for 4th Oct.
Possible trade - Since Nifty is likely to trend withing 19350 - 19550 range, we can create a short strangle for 12th Oct expiry 100 points far on both sides, with a strict SL maintaining a risk reward ratio of 1:2.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
עסקה סגורה: היעד הושג
Nifty took resistance exactly at the upper edge of range 1. Short strangle trade also worked well today.
כתב ויתור
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