In the previous week :
Nifty went down by 1235 points then went up by 293 points before finally ending the week with a loss of 85 points compared to last weekly closing.
Nifty triggered our short trade as per levels given last week and did 979 points.
Nifty had made a new life time high of 12430 on 20th January and has since then corrected to 7511 on 24th March .
Nifty for this week :
- Sustaining above 8990 enter for 9190 - 9355 - 9515
- Further sustaining above 9750 enter for 9890 - 10370 - 10900
- Sustaining below 8330 enter for 8130 - 7970 - 7805
- Further sustaining below 7570 enter for 7430 - 6950 - 6420
How to use these levels
- For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets .
For the month of March had mentioned :
- Nifty longs will get confirmed with a consecutive close above 11505 for a initial target of 11825 - 11905 and sustaining / closing above 11905 we can see a further move till 12185 - 12485.
- Nifty shorts will get confirmed with a consecutive close below 10895 for a initial target of 10575 - 10495 and sustaining / closing below 11495 we can see a further move till 10220 - 9920 .
Nifty shorts were triggered and we saw a massive fall completing all our targets giving 1000 points and exceeding it by further 2000 points due to the global sell off due to "corona virus" being declared a pandemic by WHO.
We are in a sell on rise bear market now and one should use the corrections in stock prices to accumulate good quality stocks in their portfolio.
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