In the previous session :
Nifty went down by 6 points then went up by 126 points before closing higher by 107 points on Thursday.
Nifty made a new life time high of 15431.75 in this upmove from the lows of 7511.10 made on 24th March
On 06th May :
Nifty triggered our long trade and completed 2 targets doing 75 points.
For 07th May :
Sustaining above 14780 enter for 14815 - 14855 - 14960 , SL 14740
Now for this week :
Nifty has immediate resistance at 14735 - 14800 zone and sustaining or closing above we may see a further move towards 14980 - 15025 zone
Nifty has immediate support at 14525 - 14460 and sustaining or closing below that we may see a move towards 14285 - 14235 zone
So far this week Nifty made a low of 14416.25 breaking below our initial weekly support and bounced back to make a high of 14743.90.
As mentioned previously "Now as long as Nifty holds above 14500 on dips we may see a further bounce towards 14735 - 14800 zone where it has its resistance." , Nifty made a high of 14743.90 and closed just below the resistance zone.
Now as long as Nifty holds above 14650 on dips we may see a move towards 14780 - 14860 zone where it has good resistance .
Overall Nifty has strong support at 14415 - 14280 on the downside and incase of a consecutive close below it we can expect further declines.
On the upside Nifty has strong resistance at 14850 - 14980 and it needs to give a consecutive close above it for further upmoves.
In the month of April Nifty made a high of 15044.35 and made a low of 14151.40 .
Overall Bank Nifty needs to give a strong or consecutive close above 35140 to regain strength .
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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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