Important Levels for 12-08-2021.
The index saw a good selling pressure in the first half and tried recovering in the second half, with yesterday's low (35000-35050) currently acting as a resistance. The important point to look forward tomorrow is 35840, once we break 35840 and sustain below it we can look for targets of 35720,35600 and 35480. The SL should be kept at 35940.
On the long side, I will look to see some +ve price action confirmed with volumes at the support zone 35670-35730 and once confirmed will look for small targets and trail my SL aggressively.
The negative bias is further strengthened by the option chain which shows there has been a massive call buildup at 35500 today which is almost same as that of call addition at 36000, also 35000 has the maximum Put OI.
The index saw a good selling pressure in the first half and tried recovering in the second half, with yesterday's low (35000-35050) currently acting as a resistance. The important point to look forward tomorrow is 35840, once we break 35840 and sustain below it we can look for targets of 35720,35600 and 35480. The SL should be kept at 35940.
On the long side, I will look to see some +ve price action confirmed with volumes at the support zone 35670-35730 and once confirmed will look for small targets and trail my SL aggressively.
The negative bias is further strengthened by the option chain which shows there has been a massive call buildup at 35500 today which is almost same as that of call addition at 36000, also 35000 has the maximum Put OI.
Trade closed: target reached:
35990-35840