BankNifty Idea for 23 August, 2022

23 Ağu 2022

The Market is suuuuper stretched right now, in the macro view, the global data is not good either.
Considering that the market should hold the 38000 levels(most important level). If it shows signs of breaking down, then we might get to see lower levels.

23 Ağu 2022

Not

If the market shows signs of bullish candle around 38000, then BN could go up till 38300. It would be a good time to enter long around 38000(on signs of bullishness) for a 300 point move.

23 Ağu 2022

Not

Since the market opened and hit the short term target, it is now moving aimlessly.
Wait before you enter into a trade, unless you see clear direction above the 38500 levels or below the 38200 levels.