In the previous session :
Nifty went down by 9 points then went up by 125 points before closing higher by 110 points on Thursday.
Nifty made a new life time high of 17644.60 in this upmove from the lows of 7511.10 made on 24th March 2020
On 16th Sep :-
Nifty triggered our long trade and completed all targets doing 100 poins .
For 17th Sep :-
Sustaining above 17650 enter for 17665 - 17680 - 17720 , SL 17635
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 17644.60 breaking above our next resistance zone and closed well above it . Now sustaining above 17595 we can see it move towards 17685 - 17785 . On the downside Nifty has support near 17430 - 17350 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 finally made a move directly towards 17590 - 17650 with a high of 17644.60 . Now Nifty needs to give a close above 17655 for a further move towards 17850 - 18080 zone.We are now above the caution zone advised for taking fresh long positions.
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