Nifty Trade Setup for 26.08.22 with intraday levels

Nifty opened above our previously discussed level and technically made a double top after taking support from that exact level of 17642. The down move that came since 1 pm was massive and was not exactly unprecedented. Max Pain level was 17600 and given the weakness in Reliance we had the anticipation that expiry would be around that level. What we did not expect is the crash below 17500. The only reason behind such a fall and especially the last 100 points is due to unwinding of long positions in cash. Most people had mad long positions in cash in the index heavy weights in view of the current bull run. So, is the bull run over? It would be too early to comment. We have taken support at 20 DEMA and we need to see next few trading sessions if we can hold it.

Conviction bearish
Bias neutral

Trade Setup

Long above 17522 Target 17613
Short below 17500 Target 17428-17385

>>Option buying

Long Position: Buy 17600 CE
Short position: Buy 17400 PE

>>Option Selling

Sell 17800 CE with SL of 20 points (best entry at or above 17600)

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