In the previous session :
Nifty went up by 153 points before closing higher by 139 points on Wednesday.
Nifty made a new life time high of 17532.70 in this upmove from the lows of 7511.10 made on 24th March 2020
On 15th Sep :-
Nifty triggered our long trade and completed all targets doing 125 poins .
For 16th Sep :-
Sustaining above 17545 enter for 17560 - 17575 - 17620 , SL 17525
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 make a new life time high of 17532.70 breaking above our initial resistance zone and closed well above it . Now sustaining above 17470 we can see it move towards 17570 - 17595 . On the downside Nifty has support near 17430 on dips . Caution is still advised in entering fresh long positions.
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. " , and after multiple borderline closes Nifty is appearing to move directly towards 17590 - 17650 . We are now above the caution zone advised for taking fresh long positons.
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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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