Nifty Trade Setup for 23.08.22 with intraday levels

Aug 22, 2022

Some movements have a larger implications than what is apparent. Yes this correction was over due and overbought markets tend to go higher are contradictory statements. But nifty just entered below the long term trend line which has been running since nifty hit all time high and later failed to reach that on multiple occasions. So are we going to hit a new low on the markets in near term? Well, 14000 is a level which I was talking about for a very long time and I am not sure if and when it will come. For the immediate short term we need to focus on the fact that we are going through a phase of correction and it is not an easy buck to trade. It is very difficult to trade pull backs as these are against the main trend of the market and we don't know where market will take support. Today's closing has given some ideas that 17000 is due in next few days or weeks as there is a general consensus among traders that the closing below 17500 is moderately weak. So of now maintain bearish stance. Nifty up move would be led by banknifty and long can be initiated when banknifty crosses 39000. Then we can sit for a target of 18000+


Conviction bearish
Bias bearish

Trading Ideas

Long above 17613 Target 17709
Short below 17485 Target 17428-17385

>>Option buying

Long Position: Buy 17700 CE
Short position: Buy 17400 PE

>>Option Selling

Sell 17600 CE with SL of 20 points

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