Last week – review
Nifty trendline resistance connecting 18604, 18350 & 18114 and now this resistance level comes 17786. Nifty manage to close above this level on daily closing but failed on weekly basis.
Approach on Technical: Indices witness first correction in last 2 weeks after 4-Aug-22. VIX increase above 18 level and if manages to cross 20 level, we would turn cautious.
We are focusing on Nifty first support level @ 17384 & 2nd support level @ 17023 which is 61.8% of 16438 to 17968 rally. Banknifty rally 36248 to 39759, immediate support retracement @ 38.2% comes 38418 and 61.8% comes at 37589 level.
Market View & Strategy
In our last week report we have mentioned that we will follow “Sell-on-Rise” strategy which have helped us and provided scope to invest on correction.