Nifty Levels for 18/08/2022

Dear traders, I have identified chart levels based on my analysis, major support and resistance levels. Please note that I am not a SEBI registered member. Information shared for educational purpose. Please do take trade based on your own analysis and risk-taking abilities. Never ever worked with fixed mindset. Any news/result data may change the direction of the trend instantly. Focus on learning so you can take correct/better decision based on your analytical skills. PLEASE NOTE THAT NO ONE CAN BE 100% CORRECT. OVERALL, WE SHOULD CONTINUE TO LEARN & BE ABLE TO CLOSE IN PROFIT EVEN IF WE ARE 50% CORRECT WITH RISK REWARD RATIO 1:2

Nifty closed once above 20 & 50 EMA and VWAP level. PCR (1.29) is in bullish zone. Indix VIX closed flat.

Nifty highest open interest on call side at 18000
Nifty highest open interest on put side at 17800

FIIs did buying of 6729 Crores but they bought 42826 Puts contracts (Net) in Index and sold 13647 stock futures contracts. Does it mean, FIIs will start selling again. Today Proprietary traders & DIIs traders were long in Index and Future contracts on net basis. Retail traders are heavily short in Index as well stocks.

Dow Jones is down 200 plus points and Nasdaq is down 100 plus points at this point of time. Is correction due now after strong unidirectional rally? Shall we start looking for sell on rise opportunities ?

PLEASE TRADE CAREFULLY TO AVOID GETTING INTO BULLS TRAP.

Have a happy, healthy & profitable day ahead!