From the start of the September series , i.e., from July onwards the index has run up over 2500 points. The index saw signs of weakness near 18000-18100 zone and for the last four weeks has been consolidating in a range of 870 points. There is significant buying interest near to 17500-17600 zone, but at higher levels the buying interest is yet to emerge. SGX NIFTY indicates a flat opening with a mild negative bias. If the index fails to take out and sustain the highs made on friday, we may see the index testing the strength of those who built long positions near 17700-176000 range. For the day and the weekly expiry the important levels are given below
Bullish Above 17980
Possible Upside targets 18065/18166/18210/18250
Bearish Below 17840
Possible Downside targets 17760/17630/17580/17560/17540/17460
Disclaimer
The analysis provided here is only for educational purposes. The author(s) do not assume any responsibility for the trades taken based on this analysis. Consult your financial advisor before initiating any trades. Trade Responsibly. Over trading and trades with out proper setups and risk management can wipe out your hard earned money.
Bullish Above 17980
Possible Upside targets 18065/18166/18210/18250
Bearish Below 17840
Possible Downside targets 17760/17630/17580/17560/17540/17460
Disclaimer
The analysis provided here is only for educational purposes. The author(s) do not assume any responsibility for the trades taken based on this analysis. Consult your financial advisor before initiating any trades. Trade Responsibly. Over trading and trades with out proper setups and risk management can wipe out your hard earned money.