In the previous session :
Nifty went up by 87 points then went down by 79 points before closing lower by 45 points on Wednesday.
Nifty made a new life time high of 16701.5 in this upmove from the lows of 7511.10 made on 24th March 2020
On 18th Aug :-
Nifty initially triggered our long trade and completed all targets doing 65 points. Post that Nifty reversed to trigger our short trade and again nearly completed all targets doing 55 points
For 20th Aug :-
Sustaining above 16595 enter for 16605 - 16625 - 16670 , SL 16575
Now for this week :
Nifty has immediate resistance at 16585 - 16620 zone and sustaining or closing above we may see a further move towards 16715 - 16745 zone
Nifty has immediate support at 16470 - 16435 zone and sustaining or closing below that we may see a move towards 16340 - 16315 zone
So far this week Nifty has made a high of 16701.85 nearly testing our next resistance zone of 16715 - 16745 and reversed to close just above 16550 . Now Nifty sustaining below 16550 can move towards 16470 - 16435 and breaking below it towards 16340 - 16315 zone where it has good support .
In the month of July Nifty made a high of 15962.25 and made a low of 15513.45 .
As mentioned at the start of the month "For the month of August Nifty has to give a consecutive close above 15975 for a further move on the upside . On the downside Nifty has to give a consecutive close below 15550 for a further correction." , and we saw Nifty make a high of 16701.85 giving a 725 points move post a consecutive close above 15975 .
Nifty would be completing all our expected targets on the upside near 16650 - 16700 zone and we can see some profit booking now on further upmoves
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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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