Nifty view for 17/08/22.

NSE:NIFTY   Nifty 50 Index
Nifty has been creating gaps and is running higher and higher.

The markets are opening gap up and consolidating. There is no intraday trades in the market for a while.

Option selling seems to suit in this kind of a market as option buying can cause a serious damage to the funds.

The market has given a close above 17800 and on the hourly analysis, market tried but couldn't cross its today high.

A retracement is must to continue the up move.

A serious support of 20 ema is there on 15 minute chart. Once it breaks the level, nifty can retest and get prepare for another upmove

support :- 17770, 17700, 17630
Resistance :- 17833, 18000

Wait for the price action before trading the markets.


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