In the previous week : Nifty went up by 78 points then went down by 264 points before finally ending the week with a loss of 104 points compared to last weekly closing.
Nifty made a new life time high of 12430 on 20th January . Nifty has to break and close strongly above 12400 for a further rally else we can again see profit booking and shorts taking place.
Nifty for this week :
- Sustaining above 12285 enter for 12310 - 12330 - 12350
- Further sustaining above 12375 enter for 12395 - 12450 - 12510
- Sustaining below 12210 enter for 12185 - 12165 - 12145
- Further sustaining below 12120 enter for 12105 - 12045 - 11985
How to use these levels
- Enter on sustaining above/below the initial weekly levels mentioned and look to book partly/fully once it completes its initial 3 targets . Re-enter if price further sustains or closes above / below the next level mentioned for the next targets .
For this month :
- Nifty longs will get confirmed with a consecutive close above 12305 for a initial target of 12445 - 12480 and sustaining / closing above 12480 we can see a further move till 12600 - 12735 .
- Nifty longs got confirmed and we saw high of 12430 near to our initial target of 12445 - 12480 . Post that we saw a correction till 12088 as Bank Nifty was not in sync and was in divergence . Nifty took support above our short confirmation levels of 12035 and has again bounced above 12200. Now the divergence between Bank Nifty & Nifty has reduced slightly and once complete we can see a trending move with both indexes moving in the same direction.
- Nifty shorts will get confirmed with a consecutive close below 12035 for a initial target of 11895 - 11855 and sustaining / closing below 11855 we can see a further move till 11735 - 11600 .
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