In the previous session :
Nifty went up by 203 points before closing higher by 192 points on Thursday.
Nifty made a new life time high of 15952.35 in this upmove from the lows of 7511.10 made on 24th March 2020
On 22nd Jul :
Nifty triggered our long trade with a gap and completed all targets and more doing 100 points .
For 23rd Jul :-
Sustaining above 15865 enter for 15890 - 15920 - 15985 , SL 15835
Now for this week :
Nifty has immediate resistance at 15970 - 16000 zone and sustaining or closing above we may see a further move towards 16075 - 16100 zone
Nifty has immediate support at 15875 - 15850 zone and sustaining or closing below that we may see a move towards 15770 - 15750 zone
So far this week Nifty has made a low of 15578.55 breaking below our next support zone and testing our revised support zone of 15680 - 15605 too and managed to close within it .
As mentioned " Now on further downside Nifty has strong support at 15590 and as long as it holds it on closing basis we can see it attempt to bounce back.", we saw Nifty make a low of 15578.55 and holding 15590 cbsl for this week bounce back by 230 points .
Now Nifty has to sustain above 15875 to move back towards 15950 - 16000 where it has a strong resistance .
Also had mentioned " But from here Nifty is also going to approach a stiff resistance zone of 16050 - 16150 which it would need to cross and close above for a bigger move else we may see a correction again. ", and we saw Nifty make a high of 15962.25 last week breaking above the congestion zone of 15900 but reverse sharply to make a low of 15578.55 correcting nearly 400 points.
As mentioned " Now on further downside Nifty has strong support at 15590 and as long as it holds it on closing basis we can see it attempt to bounce back.", we saw Nifty make a low of 15578.55 and holding 15590 cbsl for this week bounce back by 230 points .
In the month of June Nifty made a high of 15915.65 and made a low of 15450.90 .
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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