Trade setup for August 22: Top 15 things to know before the opening bells
According to experts, the 25,160 is expected to remain an immediate hurdle in the upcoming session. Above this, 25,250 becomes a crucial target to watch. Until then, the index is likely to consolidate with support at 25,000.
Nifty Trade Setup for August 22
The Nifty 50 sustained its upward journey for the sixth consecutive day, despite profit booking at higher levels, rising 33 points amid rangebound trading on August 21. The index continued to defend the 25,000 zone and traded near the upper line of the Bollinger Bands, signaling a positive trend. A consistent bullish bias helped the index move closer to 25,160 (the 61.8% Fibonacci retracement level of the 25,669–24,337 decline), but it failed to sustain that level. This is expected to remain an immediate hurdle in the upcoming session. Above this, 25,250 becomes a crucial target to watch. Until then, the index is likely to consolidate with support at 25,000, according to experts.
Here are 15 data points we have collated to help you spot profitable trades:
1) Key Levels For The Nifty 50 (25,084)
Resistance based on pivot points: 25,135, 25,159, and 25,196
Special Formation: The Bank Nifty also formed a bearish candle on the daily charts but managed to defend the previous day’s low. The index continued to hover around the 20- and 50-day EMAs, and the midline of the Bollinger Bands, for the fourth consecutive session, while also staying above the 10-day EMA, which has been trending upward during the same period. The RSI, at 48.16, remained sideways after the recent rally, while the histogram showed a positive bias for the third straight session, with a bullish crossover in the MACD. This indicates a potential base-building phase with positive undertone.
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