Nifty Trade Setup for 24.08.22 with intraday levels

After nifty opened gap down shorts were booked. This led to the initial up move followed by a phase of consolidation. The last min up move happened due to to hitting stop losses of bears. But major stop losses are still set above 17800 so major up move is due. This is well and good but the current movement in dow is suggests some weakness is due in the markets. Given this we can expect a gap down opening tomorrow if DOW futures do not recover. Keep an eye on SGX.

Conviction bearish
Bias bearish

Trading Ideas

Long above 17613 Target 17709
Short below 17522 Target 17428-17385

>>Option buying

Long Position: Buy 17700 CE
Short position: Buy 17400 PE

>>Option Selling

Sell 17800 CE with SL of 20 points

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