Important Levels for 05/08/2022
We witnessed a highly volatile expiry and a close below the previous support zone.
If we open flat and start moving up, 37800-37875 can act as a resistance zone and if we get good selling volumes, we can sell at this zone with a 50 point SL for targets of 37560,37500 and 37420.
But if we open flat and sustain above 37875, we can go for longs with SL of 37800 for targets of 38080,38200 and 38270.
If we open with a gap up, we wait for the price action at our mentioned references and then initiate trades. On the upper side the important reference point is 38400 once we trade above 38250. On the down side short trades if taken from 38080 levels can look for 38860 as potential final targets.
If we see a gap down, 37440-37500 can act as support and shorts to be initiated below 37450 for targets of 37300,37120 and 37000.
In my opinion, the presence of a buying tail indicates positivity.
We witnessed a highly volatile expiry and a close below the previous support zone.
If we open flat and start moving up, 37800-37875 can act as a resistance zone and if we get good selling volumes, we can sell at this zone with a 50 point SL for targets of 37560,37500 and 37420.
But if we open flat and sustain above 37875, we can go for longs with SL of 37800 for targets of 38080,38200 and 38270.
If we open with a gap up, we wait for the price action at our mentioned references and then initiate trades. On the upper side the important reference point is 38400 once we trade above 38250. On the down side short trades if taken from 38080 levels can look for 38860 as potential final targets.
If we see a gap down, 37440-37500 can act as support and shorts to be initiated below 37450 for targets of 37300,37120 and 37000.
In my opinion, the presence of a buying tail indicates positivity.