So well NIFTY is currently trading at 20068 points with
-BIG Support levels at 1.19207.75 2.18832.75
-Resistance levels at 1.19877 2.19983 3.20228
The index well is near its highest resistance level that is 20228 which was actually achieved because of the G20 summit that was held in india that had crossed resistance levels at 19983. Now looking at the RSI levels we can determine that the index has used up all its strength and energy at 82.07rsi levels which was the previous RSI resistance level. What we can conclude through this is that nifty wont be crossing nifty levels of 20228 and will start its downward journey because of lack of power it needs to be in a upward trend. Well Nifty could be seeing levels as low as 18832.75 to 19207.75.
Well for my trade in options: [NIFTY 28 DEC 19550 PUT] -Expiry- 28 DEC -Strike price-19550[ I like to keep the strike price a bit above my targets as it actually helps me reduce risks in options trading]. -PUT SELL