Recommendations for Nifty 18/08/2021 ***************************
1)Today is expiry day and NIFTY is in over bought situation based on PCR(1.77). Nifty is bullish trend .but have to be very very cautious in taking any CE LONG calls at this point.
2)Enter CE BUY above 16335 with target 16990. Try capturing here 60 points safely to exit with profit
3)Enter PE BUY if it breaks below 16560 with target 16510. Capture 50points here and exit to wait for next entry. If it breaks below 16480, then enter new fresh PE BUY entry for target 16380 with stop loss 16500.
4)Rest of the price points don not enter trade for today . Wait patiently as it can go flat at anytime as it is today expiry day.
5)NIFTY WONT CROSS ABOVE 16700 TODAY AS IT IS A STRONG RESISTANCE AND THE MAXIMUM OPTION BUILD UP IS AT 16500 AND NEXT HIGHEST BUILD UP IS 16400.
SO MY PREFERED BET TODAY IS TO TOUCH 16500 TODAY CONSIDERING NIFTY IS ALREADY OVERBOUGHT, IF IT BREAKS 16480 , THEN TARGET CAN BE 16380. BY END OF DAY IT CAN BOUNCE BACK TO END NEA TO 16595.
thanks,
Trade profits
