The Index has been correcting from higher levels, the index has corrected near 38.2%. If the Index is able to take support at 38.2% we can expect the Index to bounce back and make a new high, a correction can be expected if the Index is not able to sustain 17170 levels.

The Index is trading near the 50 day EMA, if the Index takes support at this level we can trade in the Index through Option.

RSI has a support at 43 levels if the RSI trades below the 43 levels we can expect selling to be strong in the index.

We would suggest trading through options.

Selling far out of the money option can be a good strategy.

Selling 16300-18300 PE & CE would be a perfect strategy to enter the market at this level.

Nifty 50

Apr 15 2022