In the previous session :
Nifty went up by 20 points then went down by 397 points before closing lower by 302 points on Monday.
Nifty made a new life time high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020
On 07th Feb :-
Nifty triggered our short trade and completed all targets and more doing 305 points.
For 08th Feb :-
Sustaining above 17285 enter for 17330 - 17385 - 17525 , SL 17235
Now for this week :
Nifty has to break and sustain above 17660 - 17750 where it has its initial resistance to move towards next targets of 17990 - 18060 . Sustaining or closing above 18060 Nifty may move towards further targets of 18265 - 18500.
Nifty has to break and sustain below 17375 - 17285 where it has its initial support to move towards next targets of 17040 - 16970 . Sustaining or closing below 16970 Nifty may move towards further targets of 16770 - 16540 .
So far this week Nifty made a low of 17119.40 breaking below our initial weekly support and closed below it . Now in the coming session Nifty has immediate resistance at 17285 - 17375 and needs to break and sustain above it for a further move. Also Nifty sustaining below 17285 can correct further towards 17040 - 16970.
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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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