Important Levels for 09-08-2021
Can see a fall if 16200 is broken and price sustains below it, the targets can be 16150, 16130 and 16100. SL can be placed at 16235. We can also take short positions if we see any negative price action at 16280-16300 levels for targets of 16250 and 16230, SL for this has to be kept as per our entry.
Longs can be taken only above 16350.
Option data suggests 16300 should act as a major resistance and 16000 as a major support, but 16200 also has a good amount of put writing, which gives us a neutral bias going into tomorrow.
Can see a fall if 16200 is broken and price sustains below it, the targets can be 16150, 16130 and 16100. SL can be placed at 16235. We can also take short positions if we see any negative price action at 16280-16300 levels for targets of 16250 and 16230, SL for this has to be kept as per our entry.
Longs can be taken only above 16350.
Option data suggests 16300 should act as a major resistance and 16000 as a major support, but 16200 also has a good amount of put writing, which gives us a neutral bias going into tomorrow.