Important Levels for 03-01-2022.
Nothing happened in the index after the initial burst and was completely sideways throughout the day with a trading range of about 70 points. Unless we start trading above this zone fresh trades should be avoided.
Once we give a candle close above 17440, we can take longs with SL of 17410 and aim for targets of 17485,17520 and 17550.
17390-17405 is acting as a support as of now and positive action can be seen here, but safe players should avoid this trade and take trades only after we cross the mentioned levels.
We can look for shorts only if the price starts trading below 17320 with targets of 17260-17280 as potential targets with half the position sizing.
Option data also indicates some bullishness with 17500 as a crucial resistance in spot.
Nothing happened in the index after the initial burst and was completely sideways throughout the day with a trading range of about 70 points. Unless we start trading above this zone fresh trades should be avoided.
Once we give a candle close above 17440, we can take longs with SL of 17410 and aim for targets of 17485,17520 and 17550.
17390-17405 is acting as a support as of now and positive action can be seen here, but safe players should avoid this trade and take trades only after we cross the mentioned levels.
We can look for shorts only if the price starts trading below 17320 with targets of 17260-17280 as potential targets with half the position sizing.
Option data also indicates some bullishness with 17500 as a crucial resistance in spot.