NIFTY-27-07-2022-Profit Booking to Continue ?

As discussed in our study yesterday, the market witnessed further profit booking which forced the index to close below 16500. The next support levels for the index are near 16300/16200 levels. The market can move higher only if the index sustains above 16500 . However given the FnO data and price action we maintain a mild negative bias and expect further profit booking. Given that tomorrow is monthly expiry we may see some sharp moves in the 16500-16200 range. Important levels for the day are given below

Bullish Above 16560

Possible Upside targets - 16600/16660/16710

Bearish Below- 16520

Possible Downside targets - 16460/16400/16380/16340/16280

Disclaimer:
The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades.

Trade closed: target reached:

One downside and two upside targets reached