In the previous session :
Nifty went down by 100 points then went up by 9 points before closing lower by 14 points on Monday.
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 13th Sep :-
Nifty triggered our short trade and completed 2 targets doing 50 poins .
For 14th Sep :-
Sustaining above 17390 enter for 17405 - 17430 - 17490 , SL 17365
Now for this week :
Nifty has to break and sustain above 17430 - 17470 where it has its initial resistance for a further move towards 17570 - 17595 where it has its next resistance for the week
Nifty has to break and sustain below 17310 - 17270 where it has its initial support for a further move towards 17170 - 17140 where it has its next support for the week
So far this week Nifty made a low of 17269.15 testing our initial support zone and bounced back to close at 17355.30. Now in the coming session holding above 17355 we may see Nifty move towards its initial resistance zone of 17430 - 17470 which is again near the caution zone too where fresh longs are not advised.
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. " , so far we have been getting borderline consecutive closes above 17355 which is not giving comfort to take longs for a direct move towards 17590 - 17650 . 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 and we also yet to see it break with volumes .
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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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