In the previous session :
Nifty went up by 284 points before closing higher by 269 points on Friday.
Nifty made a new life time high of 15431.75 in this upmove from the lows of 7511.10 made on 24th March
On 21st May :
Nifty triggered our long trade and completed all targets and more doing 190 points.
For 24th May :
Sustaining above 15240 enter for 15275 - 15320 - 15435 , SL 15195
Now for this week :
Nifty has immediate resistance at 15275 - 15340 zone and sustaining or closing above we may see a further move towards 15510 - 15550 zone
Nifty has immediate support at 15075 - 15015 and sustaining or closing below that we may see a move towards 14840 - 14800 zone
Now as long as Nifty is closing above 14960 on dips we can see it bounce back . On the upside Nifty can see some selling pressure near 15275 - 15340 this week .
Overall for May 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 upmove.
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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