NIFTY- Possible Trade for 22-08-2022

With the price action of last Friday session, it looks like the market is prepared to take a halt near to 17860 levels before resuming its upwards journey. The index did see some profit booking and it was consistent through out the day. The baby bulls who joined the rally late are unlikely to find green pastures at least for this series. We hold the view that the index likely to remain with in a range of 17860 -17560. Trading near these boundaries expecting a reversal can prove to be beneficial. On the lower level index may take support near 17300 -17400 zone.

Important levels to watch out for the series and expiry are given below

Bullish Above 17860

Possible Upside targets - 17960/18000/18080/18160

Bearish Below 17840

Possible Downside targets - 17760/17685/17630/17560

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.