In the previous session :
Nifty went up by 6 points then went down by 197 points before closing lower by 151 points on Thursday.
Nifty made a new life time high of 15915.65 in this upmove from the lows of 7511.10 made on 24th March 2020
On 08th Jul :
Nifty triggered our short trade and completed all targets and more doing 175 points . .
For 09th Jul :
Sustaining above 15755 enter for 15775 - 15795 - 15845 , SL 15735
Now for this week :
Nifty has immediate resistance at 15760 - 15785 zone and sustaining or closing above we may see a further move towards 15850 - 15870 zone
Nifty has immediate support at 15685 - 15660 and sustaining or closing below that we may see a move towards 15595 - 15575 zone
So far this week Nifty has made a high of 15914.20 breaking above our next resistance zone for the week but we have been seeing profit booking from near the all time high and it has corrected towards our initial support zone of 15685 - 15660 . Now Nifty has to take support here and break above 15785 for a move back towards 15850 - 15870 else breaking below 15660 it can move towards our next support zone of 15595 - 15575 .
Nifty has been trading in a range since a long time and has today given its life time high close. A break of the range on the upside would need a follow up buying for a move towards 16000.
Overall Nifty has to break and close beyond the sideways trading range of 15550 - 15900 for a bigger move in this month .
In the month of June Nifty made a high of 15915.65 and made a low of 15450.90 .
Our cbsl for shorts in June was 15900 which was tested on a couple of occasions but held out.
For the month of July Nifty has to give a consecutive close above 15895 for a further move on the upside . On the downside Nifty has to give a consecutive close below 15550 for a further correction.
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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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