In the previous session :
Nifty went up by 110 points then went down by 23 points before closing lower by 9 points on Thursday as compared to the previous day's close.
Nifty made a new life time high of 14256.25 in this upmove from the levels of 7511.10 .
On 07th Jan :
Nifty initially triggered our long trade with a gap up above our last target and did not give a chance to trade. Post that Nifty reversed to trigger our short trade in the last session but did not complete any targets.
For 08th Jan :
Sustaining above 14160 enter for 14170 - 14185 - 14225 , SL 14145
Sustaining below 14115 enter for 14105 - 14085 - 14050 , SL 14130
Now for this week :
Nifty has immediate resistance at 14130 - 14200 zone and closing above it we may see a further move towards 14385 - 14435 zone
Nifty has immediate support at 13910 - 13840 zone and closing below it we may see a further move towards 13650 - 13600 zone .
So far this week Nifty has made a high of 14256.25 above our initial resistance zone but failed to close above it . Now sustaining above 14250 is required for a further move towards 14385 - 14435 else we can see a correction
From the current levels and on further move towards 14385 - 14435 caution is advised on entering fresh long positions
Incase we get a gap up beyond the 1st target then will update fresh levels as per pre opening on the telegram channel "simplytradestocks"
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.
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