NIFTY- Possible Trade for 16-09-2022

Recent price action suggests that the market seem to have lost the steam to go higher. We could see some more profit booking unless fresh buying comes in at these levels. With the next FOMC meeting around the corner, we can expect more volatility. The upside potential looks limited unless the market settles above 18000 and starts testing the recent highs. On the downside we can see buying support coming in near 17700-17600 zones. Only if these levels are breached decisively we can expect sustained downward move.

Important Levels for the day are given below

Bullish Above 17960

Upside targets -18060/18130/18180/18260

Bearish below 17920

Downside targets - 17860/17820/17760/17700

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.