For the past two sessions selling pressure is quite evident in Index. For a swing trader, Nifty is at a point which could be easily taken as a no-trade-zone which means that if you are willing to take your position for a few days-few weeks and if you aren’t already positioned in Nifty, it is prudent not to take a fresh position as of now as trading ranges are always difficult to trade.
But since intraday traders have a different viewpoint of capturing the intraday fluctuations in Index, talking of levels is inevitable.
So, in today’s session if Nifty continue its weakness and remains below 8218, one can go short with stop at 8270-8275 and for downside move of 8190-8192.Fresh shorts may also be initiated below 8170-8165 (again for target of 10-20 points)as this level may act as a trigger for new shorts.
On the upside, 8280-8285 stands as an intraday resistance and any levels above that can be used as an opportunity to buy for an upside move of 8315-8318. Long positions can be added up above 8330 again, for target of 10-20 points.
However, please note that these are the kind of moves recommended if you can afford to be a very aggressive trader which further means very skillfully managing your positions/risks and also be able to swiftly execute the entry and exits.