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Nifty Trade Setup & Weekly Analysis (11th to 15th July'22)

 

Nifty is currently trading at 61.8% Fibonacci resistance level. 16180 is most important resistance level as it is moving from down to up trend.

Nifty has ended at 16217 and made a high of 16276. To initiate any Future or CE buy, need to wait for a breakout of 16280. If it's broken, we may see 16450 & 16600 levels on upside.

As Nifty is moving exactly it's channel resistance level, may retest 16030 level to continue further upside momentum & this level is also 50% channel support level. This will fill last two day's opening gap as well.

How To Trade ?

  • If we see Nifty at 16030 level, wait for upside confirmation & move with Future buy or CE option buy with a target of 16180 & 16400.
  • If we see Nifty is moving above 16280, can go with Future buy or CE option buy with a target of 16400 & 16600.
  • We should not think of Future Sell or Buy PE option until 15890 is broken.

Nifty Support & Resistance ::

Support-1: 16030  ||  Resistance-1: 16440
Support-2: 15890  ||  Resistance-2: 16600
Support-3: 15680  ||  Resistance-3: 16800

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