Banknifty Trade Setup for 25.08.22 with intraday levels

Banknifty has confirmed its strength by managing a close above 39000 despite weak global cues. The doors of 42000 has been opened and you can sit with a long position with SL at 38400 positionally. Intraday is a different game and expect some volatility to persist for next one or two weeks.

If we suddenly slip below 39000 and banknifty spends some time there, then only you can expect shorts to enter the system.

Conviction bullish
Bias bullish

Trade Setup

Long above 39000 (hold your longs if you are in a trade) Target 39500-39800
Short below 38855 Target 38500 and below... Technically you can sit n a short once banknifty starts trading below 39000

>>Option buying<< (take next week options)

Long Position: Buy 39500CE
Short position: Buy 38500 PE

>>Option Selling <<

Sell 39000 PE with 30 point SL (if you have sold this strike before keep trailing the SL)
Aggressive traders can sell next week 39500 PE

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