In the previous week :
Nifty went down by 330 points then went up by 41 before finally ending the week with a loss of 97 points compared to last weekly closing.
Nifty triggered our short trade and did 258 points completing 4 targets.
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 9140 enter for 9200 - 9250 - 9300
- Further sustaining above 9375 enter for 9415 - 9565 - 9725
- Sustaining below 8940 enter for 8875 - 8825 - 8775
- Further sustaining below 8705 enter for 8660 - 8515 - 8355
As per weekly closing Nifty has support near 8940 - 8875 and resistance near 9140 - 9200 . Incase of a gap up or gap down these levels should be watched for additional confirmation.
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 10100 for a target of 10650 - 10760 and sustaining / closing above 10760 we can see a further move till 11100 - 11490.
- Nifty shorts will get confirmed with a consecutive close below 9470 for a initial target of 9065 - 8960 and sustaining / closing below 8960 we can see a further move till 8610 - 8225 .
We were expecting Nifty to face strong resistance near 9955 - 10040 and Nifty gave a move till 9889.05 from the lows of 7511 .
Nifty had triggered our monthly short trade and completed our initial target with a low of 8806.75 . It was already advised to book once we reach the initial targets . Nifty gave 660 points from the short trade . For the next short trade we need Nifty to sustain / close below 8890 and holding the same we can see a bounce again towards 9290 - 9390 initially and closing above it again towards the high of this month.
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