In the previous session :
Nifty went down by 38 points then went up by 48 points before closing lower by 15 points on Wednesday.
Nifty made a new life time high of 17792.95 in this upmove from the lows of 7511.10 made on 24th March 2020
On 22nd Sep :-
Nifty triggered our long trade and took our stoploss. Post that Nifty traded between our long and short trigger zone indicating indecisiveness.
For 23rd Sep :-
Sustaining above 17585 enter for 17610 - 17640 - 17715 , SL 17560
Now for this week :
Nifty has to break and sustain above 17620 - 17645 where it has its initial resistance for a further move towards 17710 - 17725 where it has its next resistance for the week
Nifty has to break and sustain below 17550 - 17525 where it has its initial support for a further move towards 17465 - 17445 where it has its next support for the week
So far this week Nifty made a low of 17326.10 nearly completing the move expected till 17350 - 17270 as mentioned yesterday. Now in the coming session Nifty needs to give a close above 17655 for a retest of the highs else we may see a dip again . Caution is advised for entering fresh long positions in the index in the bounce unless we get a close above 17655.
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 finally made a move to a new high of 17792.95 .
As mentioned earlier "Now Nifty needs to give a close above 17655 for a further move towards 17850 - 18080 zone failing which we may see a dip towards 17350 - 17270. We are now above the caution zone advised for taking fresh long positions. ", and failing to close above 17655 we saw Nifty dip to make a low of 17326.10 reaching the expected targets.
Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .
Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .
To receive this post daily in your inbox, kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
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.
No comments:
Post a Comment