NIfty Facing Resistance at Upper Bollinger Band - 11 July 2022

On a daily chart, Nifty faced resistance at Upper Bollinger band level.

Agresssive long should be avoided at this level.

15900 is looking to be good support for coming weeks.

And 15750 is still a major support below which we can see the trend change from moderately bullish to neutral/bearish.

Long should only be initiated above 16200 levels. Moderately bullish to neutral strategies can be deployed.

For Sellers:
16300 is a good level for call sellers
17800 is a good zone to sell puts.

For Buyers:
Naked buying should be avoided as market is currently in range.
Must go with spread to minimize premium decay risk.