Nifty Trade Setup for 23.08.22 with intraday levels

22 ago 2022

Some movements have a larger implications than what is apparent. Yes this correction was over due and overbought markets tend to go higher are contradictory statements. But nifty just entered below the long term trend line which has been running since nifty hit all time high and later failed to reach that on multiple occasions. So are we going to hit a new low on the markets in near term? Well, 14000 is a level which I was talking about for a very long time and I am not sure if and when it will come. For the immediate short term we need to focus on the fact that we are going through a phase of correction and it is not an easy buck to trade. It is very difficult to trade pull backs as these are against the main trend of the market and we don't know where market will take support. Today's closing has given some ideas that 17000 is due in next few days or weeks as there is a general consensus among traders that the closing below 17500 is moderately weak. So of now maintain bearish stance. Nifty up move would be led by banknifty and long can be initiated when banknifty crosses 39000. Then we can sit for a target of 18000+


Conviction bearish
Bias bearish

Trading Ideas

Long above 17613 Target 17709
Short below 17485 Target 17428-17385

>>Option buying

Long Position: Buy 17700 CE
Short position: Buy 17400 PE

>>Option Selling

Sell 17600 CE with SL of 20 points

-------------------------------------------

Standard Disclaimer

Trading stocks, options and other securities involves risk.
The risk of loss in trading securities can be substantial.
The risk involved with trading stocks, options and other securities are not suitable for all investors.

The information presented in this educational material is not intended to be

used as the sole basis of any investment decisions, nor should it be construed

as advice designed to meet the investment needs of any particular investor.

Nothing in this course constitutes legal, accounting or tax advice, or

individually tailored investment advice.

WE ARE NOT RESPONSIBLE FOR ANY GAINS OR LOSSES YOU MAKE.

WE ARE NOT SEBI REGISTERED.

*SEBI Mandatory Guidelines*
*Channel Disclaimer/ disclosure*

No tips
No advice
No recommendation
No PMS advisory

This channel do not provide any tips/recommendations/advice
All updates/posts/discussions are only for education and learning purpose.
Do Consult your financial advisor before taking trading or investing decisions
Group Admin or Members not responsible for any financial losses
Disclaimer/disclosure/terms and conditions applicable to all members of this channel

All rights are reserved