Nifty Trade Setup fro 22.08.22 with intraday levels

19 авг. 2022 г.

Nifty is following the sentiment changes where the mood has shifted to profit booking and correction. But I would like to repeat again that over bought markets tend to go higher. Few days back where even a monkey with a demat account was long on the index, today most of them have take SL or shifted to the short side. That gives bulls a chance to initiate a short covering move. Am I sure of it? Hell no but I have seen markets behave like this. Some times it can go sideways too.

Conviction Neutral
Bias bearish

Trading Ideas

Long above 17840 Target 17965-18000
Short below 17709 Target 17613

>>Option buying

Long Position: Buy 17900 CE
Short position: Buy 17600 PE

>>Option Selling

Sell 17500 PE AND 18000 CE with SL of 25 points

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