Important Levels for 11/08/2022.
Much like Monday's closing, today's closing does not give any indication as to where the index is heading. On the upside 38420-38500 is a major resistance zone and on the downside 38150-38240 can act as a strong support. So unless we break out of these reference zones choppiness is expected.
For tomorrow, safe traders can wait for the mentioned zone to break and risky traders can look to short at the break of 38250 with SL of 38315, for targets of 38140, 38080 and 38000.
On the upside, if we sustain for the first 15 mins above 38450, we can go for longs for targets of 38560,38660 and 36800 with a 50-60 point SL.
The buyers are defending well but we are not seeing aggressive buying, that is making trading the index a bit tricky.
Much like Monday's closing, today's closing does not give any indication as to where the index is heading. On the upside 38420-38500 is a major resistance zone and on the downside 38150-38240 can act as a strong support. So unless we break out of these reference zones choppiness is expected.
For tomorrow, safe traders can wait for the mentioned zone to break and risky traders can look to short at the break of 38250 with SL of 38315, for targets of 38140, 38080 and 38000.
On the upside, if we sustain for the first 15 mins above 38450, we can go for longs for targets of 38560,38660 and 36800 with a 50-60 point SL.
The buyers are defending well but we are not seeing aggressive buying, that is making trading the index a bit tricky.