Nifty Trade Setup for 10.08.22 with intraday levels

Nifty had a comparatively strong opening when you compare it with banknifty. The up move was steady and strong and the doors o 17800 looks very much open as per option data. Overall market has a bullish bias and nifty stocks are following suit. The major movement has to come from Reliance if and when it crosses 2600 which has been a strong resistance. So keep a keen eye on reliance and maintain long with trailing SL.

In case of a gap down opening it would create some panic for put writers

Conviction bullish
Bias bullish

Trading Ideas

Long above 17541 Target 17613-17700
Short below 17485 Target 37968-37891

>>Option buying

Long Position: Buy 17700 CE
Short position: Buy 17500 PE

>>Option Selling

Sell 17500 PE with SL of 15 points

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