Wealthe.in
Closing Range - 19688/19933. Extended range 1 -19599/20022, Extended range 2 -19494/20127
Nifty formed a Hanging Man candle in the last trading session, indicating price reversal but this will be cconfiirmed only after a confirmation candle in the next session. Falling Vix indicates that downside is limited & if the confirmation to the Hanging Man candle fails on day timeframe, it will be good opportunity to enter longs. 19850 & then 19910 are strong resistances & once broken, Nifty can rise to 20050 thereafter soon. Overall Nifty is in an up move and traders can apply buy on dips strategy.
Posible trade: Avoid taking trades till Nifty gives a clear directional sense. Go long at 19600 if we reach there. 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.
Closing Range - 19688/19933. Extended range 1 -19599/20022, Extended range 2 -19494/20127
Nifty formed a Hanging Man candle in the last trading session, indicating price reversal but this will be cconfiirmed only after a confirmation candle in the next session. Falling Vix indicates that downside is limited & if the confirmation to the Hanging Man candle fails on day timeframe, it will be good opportunity to enter longs. 19850 & then 19910 are strong resistances & once broken, Nifty can rise to 20050 thereafter soon. Overall Nifty is in an up move and traders can apply buy on dips strategy.
Posible trade: Avoid taking trades till Nifty gives a clear directional sense. Go long at 19600 if we reach there. 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.
Comment:
Date is incorrectly mentioned as 22 Nov 2023 in the video. The analysis is for 23 Nov 2023.
Trade closed: target reached