In the previous session :
Nifty went up by 58 points then went down by 90 before closing lower by 15 points on Tuesday.
Nifty made a new life time high of 17436.50 in this upmove from the lows of 7511.10 made on 24th March 2020
On 07th Sep :-
Nifty initially triggered our long trade and completed just 1 target and took our TSL at cost . Post that Nifty reversed to trigger our short trade and completed 2 targets doing 50 points and again took our TSL indicating indecisiveness .
For 08th Sep :-
Sustaining above 17415 enter for 17435 - 17460 - 17525 , SL 17385
Now for this week :
Nifty has immediate resistance at 17380 - 17415 zone and sustaining or closing above we may see a further move towards 17515 - 17540 zone
Nifty has immediate support at 17265 - 17230 zone and sustaining or closing below that we may see a move towards 17135 - 17110 zone
So far this week Nifty made a high of 17436.50 breaking above our initial resistance zone and closed just below it again. Now in the coming session Nifty has to hold above 17280 on dips and breaking below it we may see a dip till 17200 levels . On the upside Nifty has to sustain above 17460 for some further upmove. We may see Nifty face some resistance from here on further upmoves and caution advised in taking fresh long positions in Nifty.
In the month of August Nifty made a high of 17129.25 and made a low of 15834.65
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 17129.25 giving a 1150 points move post a consecutive close above 15975 .
As as mentioned at the start of the month "Now for the month of September Nifty has to give a consecutive close above 17355 for a further move on the upside . On the downside Nifty has to give a consecutive close below 16900 for a further correction. " , today Nifty has given its consecutive close above 17355 with a borderline close at 17356 which after adjustment is 17362 and hence we still need a firm close tomorrow to expect a further upmove directly towards 17590 - 17650 without any dip . Also we are currently at the resistance zone given as a caution for taking fresh long positions overall as a dip may be seen from here .
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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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