Important Levels for 18-08-2021.
We opened low and did trade low the entire day and it looked as if the sellers were being exhausted at lower levels as was the case a couple of days ago where the buyers were exhausted at higher levels and couldn't take the prices up, hence resulting in a sideways market.
Taking longs if we see a dip till 35850-35880 looks risky but can be rewarding with SL of 36800 for targets of 36000, 36070 and 36150.
Will take shorts at higher levels of 35150-35220 if we open gap up or we see any -ve price action at marked levels well supported by volumes. Targets will be 36050,36000 and 35880. SL can be placed between 36250-36300, but should not be more than 80 points.
In either case we trail our SL aggressively as the index still looks undecisive to which direction it wants to move.
Option data indicates good volumes of put unwinding at 36000 and above levels today but the last hour did see a significant fall in OI of 35800, 35900 and 36000 CEs as well, which again is confusing.
Will be going in tomorrow with a completely neutral bias.
We opened low and did trade low the entire day and it looked as if the sellers were being exhausted at lower levels as was the case a couple of days ago where the buyers were exhausted at higher levels and couldn't take the prices up, hence resulting in a sideways market.
Taking longs if we see a dip till 35850-35880 looks risky but can be rewarding with SL of 36800 for targets of 36000, 36070 and 36150.
Will take shorts at higher levels of 35150-35220 if we open gap up or we see any -ve price action at marked levels well supported by volumes. Targets will be 36050,36000 and 35880. SL can be placed between 36250-36300, but should not be more than 80 points.
In either case we trail our SL aggressively as the index still looks undecisive to which direction it wants to move.
Option data indicates good volumes of put unwinding at 36000 and above levels today but the last hour did see a significant fall in OI of 35800, 35900 and 36000 CEs as well, which again is confusing.
Will be going in tomorrow with a completely neutral bias.