NIFTY- Possible Trade for 03-08-2022

With the index having run close to 2100 points from the June month low, the index seem to be taking a pause near 16400 levels. For further upmove the index needs to successfully close above 17400 and if that is achieve the next target can be 17700-17800. However the price action for the day indicated lack of fresh buyer participation near 17400 zone and this could act as a hurdle for the immediate future. Important levels for the series are given below.

Bullish Above 17380

Possible Upside targets -17460/17580/17610/17680/17730

Bearish Below 17340

Possible Downside targets - 17280/17212/17180/17120/17070

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.