In the previous week :
Nifty went up by 124 points then went down by 357 points before finally ending the week with a loss of 112 points compared to last weekly closing.
Nifty triggered our short trade as per levels given last week but did not sustain below it to confirm the trade . Post that Nifty traded sideways the entire week between our long and short trigger levels.
Nifty had made a new life time high of 12430 on 20th January and has since then corrected to 7511 on 24th March .
Nifty for this week :
- Sustaining above 9265 enter for 9330 - 9380 - 9435
- Further sustaining above 9510 enter for 9555 - 9715 - 9885
- Sustaining below 9045 enter for 8980 - 8930 - 8875
- Further sustaining below 8800 enter for 8755 - 8595 - 8425
How to use these levels
- For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets .
For this month :
- Nifty longs will get confirmed with a consecutive close above 9690 for a target of 10350 - 10590 and sustaining / closing above 10590 we can see a further move till 10830 - 11120.
- Nifty shorts will get confirmed with a consecutive close below 7510 for a initial target of 6840 - 6600 and sustaining / closing below 6600 we can see a further move till 6365 - 6075 .
Nifty has spent the entire month till now trading sideways between our long and short trigger levels . We can expect a directional move soon.
We are still in a bear market and longs should be cautious near the resistance levels of 9600 - 9685 .
Closing consecutively above 9685 we can see a move till 9955 - 10040 where Nifty will face its next strong resistance .
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