NIFTY Possible Trade for 26-07-2022-Profit Booking to Continue?

With the index having run up almost 1550 points from June lows, it is reasonable to expect some profit booking. Given that monthly expiry is in two days we can continue to see profit booking which can drag the index to lower levels. The upside seem to be capped at this stage near 16700. On the downside we could see the index moving to 16500-16380 zones which can act as a major support area for the series.

Important levels for the day and expiry are given below.

Bullish Above 16680

Possible Upside targets 16720/16780/16820

Bearish Below 16660

Possible Downside targets 16560/16510/16480/16420/16380/16340

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