BANK NIFTY
Important Levels for 16/08/2022.
The index is showing strength and we are seeing gaps being sustained and supports holding fort. But one thing against it no shift in Value Area despite the fact that the price has stayed well above the VA last session.
These two points being contrary to each other does create enough doubt regarding the movement of the index.
In my point of view i will be waiting for a retest of the VA before initiating any long trades.
With important reference on the upside being 39130-39210, any negativity seen with volumes, i will look to short with a 50-60 point SL for targets of 39000,38940 and 38830.
Longs i will be taking if the price finds support at VAH 39000, with SL of 38940 for targts of 39110,39200 and 39250.
The index is showing strength and we are seeing gaps being sustained and supports holding fort. But one thing against it no shift in Value Area despite the fact that the price has stayed well above the VA last session.
These two points being contrary to each other does create enough doubt regarding the movement of the index.
In my point of view i will be waiting for a retest of the VA before initiating any long trades.
With important reference on the upside being 39130-39210, any negativity seen with volumes, i will look to short with a 50-60 point SL for targets of 39000,38940 and 38830.
Longs i will be taking if the price finds support at VAH 39000, with SL of 38940 for targts of 39110,39200 and 39250.
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